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Edited version of private advice
Authorisation Number: 1052034596955
Date of advice: 19 September 2022
Ruling
Subject: CGT - rollover relief
Question
Will the Commissioner exercise discretion under subsection 104-190(2) of the Income Tax Assessment Act 1997 (ITAA 1997) to extend the small business capital gains tax (CGT) replacement asset within the period ending June 30, 20XX?
Answer
Yes, having considered your circumstances and the relevant factors, the Commissioner will use discretion to grant you further time to extend the replacement asset period pursuant to subsection 104-190(2) of the ITAA 1997 in respect of the small business CGT replacement asset rollover relief.
This ruling applies for the following periods:
Year ending 30 June 20XX
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
In the year ending 30 June 20XX, the Entity made a capital gain with the intention of obtaining a replacement asset over the next two years.
The entity is considering a business as a replacement asset, although due the industry has been significantly impacted by the Covid-19 Pandemic which has made acquiring a new more difficult.
More recently Flooding in 20XX where the entity has been looking, has added to the difficulties to find a replacement asset.
Currently the entity has identified a potentially suitable asset and is considering its acquisition.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 104-190(2)