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Edited version of private advice
Authorisation Number: 1051895898166
Date of advice: 4 September 2021
Ruling
Subject: Small business concessions - replacement asset
Question
Will the Commissioner exercise the discretion under subsection 104-190(2) of the Income Tax Assessment Act 1997 (ITAA 1997) to extend the replacement asset period?
Answer
Yes. Having regard to the particular circumstances of your case and the information provided, the Commissioner has applied the discretion and will extend the replacement asset period.
This ruling applies for the following periods:
Year ending 30 June 20XX
Year ending 30 June 20XX
The scheme commences on:
1 July 20XX
Relevant facts and circumstances
You sold your business and elected to use the small business replacement asset rollover concession.
You have been unable to look for a new business due to continual COVID-19 government restrictions (lockdowns).
Relevant legislative provisions
Income Tax Assessment Act 1997 section 104-190(2)