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Edited version of private advice
Authorisation Number: 1051897211669
Date of advice: 21 September 2021
Ruling
Subject: CGT - rollover relief
Question
Will the Commissioner exercise the discretion pursuant to subsection 104-190(2) of the Income Tax Assessment Act 1997 (ITAA 1997) and allow an extension of time to October 20XX to acquire a replacement asset?
Answer
Yes.
This ruling applies for the following period periods:
Year ending 30 June 20XX
Year ending 30 June 20XX
Year ending 30 June 20XX
The scheme commences on:
1 July 20XX
Relevant facts and circumstances
You were carrying on hospitality business.
You disposed of the business in October 20XX.
This resulted in a capital gain.
You chose to apply the small business CGT rollover to the capital gain.
You have looked at potential replacement assets although haven't been able to find anything suitable.
Due to Covid-19 this has given further challenges to find a suitable replacement asset.
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 104-190(2)