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Edited version of private advice
Authorisation Number: 1052022460811
Date of advice: 30 August 2022
Ruling
Subject: CGT - replacement asset extension of time
Question
Will the Commissioner exercise the discretion to extend the replacement asset period pursuant to subsection 104-190(2) of the Income Tax Assessment Act 1997 (ITAA 1997) to 30 June 2023?
Answer
Yes. Having considered your circumstances and the relevant factors, the Commissioner considers it appropriate to grant an extension of the replacement asset period to 30 June 20XX.
This ruling applies for the following period:
Year ending 30 June 20XX
The scheme commences on:
30 June 20XX
Relevant facts and circumstances
You sold the property in the 20XX financial year resulting in a capital gain.
You applied the small business 50% active asset reduction and the small business rollover concessions to reduce the capital gain made the disposal of the primary production business.
You were prevented from acquiring a replacement asset within the two-year period due to a family law dispute and the monies being held up in the solicitor's trust account.
The family law dispute settled in the 20XX financial year.
You have stated you met the 'basic conditions' for CGT small business concessions under section 152-10 of the ITAA 1997.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 104-90(2)