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Edited version of private advice
Authorisation Number: 1052030733941
Date of advice: 16 September 2022
Ruling
Subject: Commissioner's discretion - extension of time
Question
Will the Commissioner exercise the discretion under subsection 104-190(2) Income Tax Assessment Act 1997 (ITAA 1997) to extend the time limit to acquire a suitable replacement asset?
Answer
Yes, after taking into consideration the relevant factors, including your attempts to acquire replacement assets, the Commissioner will allow an extension of time.
This ruling applies for the following periods:
Year ending 30 June 20XX
Year ending 30 June 20XX
The scheme commences on:
Year ending 30 June 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.
You owned a XXXX (property).
You sold your property causing a capital gains tax (CGT) event resulting in a capital gain.
You satisfied the basic conditions for the small business CGT concessions.
You made the choice to apply the small business roll-over.
While you acquired some assets during the replacement asset period, these assets did not satisfy the definition of an active asset.
You engaged the services of a new tax agent who has assisted you in determining what would be a suitable replacement asset.
You have been actively searching for suitable replacement assets.
You are considering acquiring a XXXX property and are in the process of obtaining finance for this property.
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 104-190(2)