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Edited version of private advice
Authorisation Number: 1051783361067
Date of advice: 25 November 2011
Ruling
Subject: CGT - small business concessions - replacement asset period
Question
Will the Commissioner extend the replacement asset period under subsection 104-190(2) of the Income Tax Assessment Act 1997 (ITAA 1997)?
Answer
Yes, extension of time to XX XX 20XX
Having considered your circumstances and the relevant factors the Commissioner considers it appropriate to grant an extension of the replacement asset period. Further information can be found by searching 'QC 52291' on ato.gov.au.
This ruling applies for the following periods:
Year ended 30 June 20XX
Year ended 30 June 20XX
The scheme commences on:
1 July 20XX
Relevant facts and circumstances
You sold a business asset, known as XX Road. The related CGT event occurred on XX XX 20XX.
You made the choice to utilise the small business CGT concession rollover.
You have been actively searching for another suitable property with the plan to purchase a cattle farm in XX.
Despite searching, you have not yet found a suitable replacement asset due to the severe drought and tough market conditions in the area. In addition, from March 20XX, the Covid-19 has also increased the difficulty of traveling to look for suitable properties and has reduced the number of buying opportunities.
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 104-190(2)