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Edited version of private advice
Authorisation Number: 1051787763610
Date of advice: 4 December 2020
Ruling
Subject: CGT - small business concessions
Question
Will the Commissioner exercise his discretion under subsection 104-190(2) of the Income Tax Assessment Act 1997 (ITAA 1997) to extend the replacement asset period to XX October 20XX?
Answer
Yes
Having considered the relevant factors, and the particular circumstances of your case, the Commissioner has applied the discretion and will extend the asset replacement period to XX October 20XX.
This ruling applies for the following periods:
Year ended 30 June 20XX
The scheme commences on:
1 July 20XX
Relevant facts and circumstances
On XX September 20XX you entered into contracts for the sale of the property, which resulted in a capital gain.
Settlement occurred on XX September 20XX. You made the choice to apply the small business rollover concession.
You have considered potential replacement properties within the replacement period, however the properties considered did not match your business needs.
You are continuing to look for a suitable replacement property which is within your price range and matches your business needs.
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 104-190(2)