| Disclaimer You cannot rely on this record in your tax affairs. It is not binding and provides you with no protection (including from any underpaid tax, penalty or interest). In addition, this record is not an authority for the purposes of establishing a reasonably arguable position for you to apply to your own circumstances. For more information on the status of edited versions of private advice and reasons we publish them, see PS LA 2008/4. |
Edited version of private advice
Authorisation Number: 1051795664699
Date of advice: 14 January 2021
Ruling
Subject: Capital gains tax - small business concessions
Question
Will the Commissioner exercise his discretion under section 104-190(2) of the Income Tax Assessment Act 1997 to extend the replacement asset period in respect of the small business capital gains tax (CGT) replacement asset roll-over relief to DD MM YYYY?
Answer
Yes. Having considered the relevant facts, the Commissioner will apply his discretion under subsection 104-190(2) of the ITAA 1997 and allow an extension of the time to DD MM YYYYfor the asset to qualify as a replacement asset.
This ruling applies for the following periods:
Year ended DD MM YYYY
The scheme commences on:
DD MM YYYY
Relevant facts and circumstances
You owned a business.
You sold the business and have yet to purchase a replacement asset due to COVID-19.
You were eligible to apply the small business concessions to the capital gain.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 104-190