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Edited version of private advice
Authorisation Number: 1052364322750
Date of advice: 21 February 2025
Ruling
Subject: CGT - small business concessions
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 to XX MM 20XX?
Answer
Yes. Having considered the relevant facts, including the delay in negotiations with prospective business partners, the Commissioner has applied the discretion and will extend the replacement asset period until XX MM 20XX
This ruling applies for the following periods:
Year ended 30 June 20XX
Year ended 30 June 20XX
Year ended 30 June 20XX
Year ended 30 June 20XX
The scheme commenced on:
1 July 20XX
Relevant facts and circumstances
You sold an active asset on XX MM 20XX
You have engaged in over a dozen due diligence processes to look more closely at business opportunities that have been advertised.
Some of these due diligence periods were ended after examining the initial data provided by the vendor and some extended for several weeks/months while additional information was sort from the business owner or their sales agent.
On XX MM 20XX you requested an extension of time to XX MM 20XX to acquire a replacement asset.
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 104-185(1)
Income Tax Assessment Act 1997 subsection 104-190(2)
Income Tax Assessment Act 1997 subsection 104-197(1)
Income Tax Assessment Act 1997 subsection 104-197(5)