Edited version of private advice

Authorisation Number: 1052029622706

Date of advice: 6 September 2022

Ruling

Subject: CGT - small business concession - extension of time - rollover relief

Question

Will the Commissioner exercise the discretion under subsection 104-190(2) ofthe Income Tax Assessment Act 1997 (ITAA 1997) to extend the replacement asset period for 4 months to XX MM 20XX?

Answer

Having considered your circumstances and the relevant facts, the Commissioner will apply 104-190(2)of the ITAA 1997 and allow an extension of time to XX MM 20XX to allow the taxpayer to apply the retirement exemption under subdivision 152- D of the ITAA 1997.

This ruling applies for the following period:

Year ending XX MM 20XX

The scheme commences on:

XX MM 20XX

Relevant facts and circumstances

This private ruling is based on the facts stated in the description of the scheme that is set out below. If your circumstances are different from these facts, this private ruling has no effect and you cannot rely on it. The fact sheet has more information about relying on your private ruling.

The Trust made two disposals of shares one amount for $YY,YYY and another amount of $XX,XXX resulting in a capital gain on XX MM 20XX.

The Trustees choose to apply the small business CGT roll-over to part of the gain as per subdivision 153-E.

After 2 years the Trustee decided that the beneficiary/s would use the Small Business Retirement Exemption to roll-over the capital gain into a complying superannuation fund.

Due to being overseas for business for a period and then interstate in a remote location they were unable to organise the transfer before XX MM 20XX.

Both the beneficiaries are under 55 years of age.

The individuals will make the required contributions into the complying superannuation fund by no later than XX MM 20XX.

Relevant legislative provisions

Income Tax Assessment Act 1997 subsection 104-190(2)