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Edited version of private advice
Authorisation Number: 1051798510761
Date of advice: 29 January 2021
Ruling
Subject: An extension of time, to replace an active asset for the small business capital gains tax concession
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 to purchase a replacement asset 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 YYYY for the asset to purchase a replacement asset.
This ruling applies for the following period:
Year ending DD MM YYYY
The scheme commences on:
DD MM YYYY
Relevant facts and circumstances
You commenced a small business.
You decided to move interstate.
You sold the small business and disposed of all ownership interest.
You made a capital gain.
You moved interstate.
You were in the process of purchasing a replacement asset however due to COVID-19 had to withdraw.
You are now in the process of purchasing a replacement asset.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 104-190