Private ruling: Small business concessions - extension to replacement asset period
Date of advice: 2 October 2020
Published: November 2020
Ruling period: Year ended 30 June 20XX
Date scheme commenced: 1 July 20XX

Ruling: Q1: Will the Commissioner exercise his direction under subsection 104-190(2) of the Income Tax Assessment Act 1997 (ITAA 1997) to extend the replacement asset period to XX/XX/XXXX? | A1: Yes. Having considered the relevant factors, and the particular circumstances of your case, the Commissioner has applied his discretion and will extend the asset replacement period to XX/XX/XXXX.

Relevant facts and circumstances: You conducted a farming business on land you owned from XX/XX/XXXX to XX/XX/XXXX. You entered into a contract of sale for the land on XX/XX/XXXX with settlement occurring on XX/XX/XXXX. You continue to operate in the agriculture industry and have made numerous enquiries into acquiring farmland as a replacement asset. Due to extraordinary events outside of your control, you have been unable to acquire a replacement asset within the allowable time period.

Relevant legislative provisions: Income Tax Assessment Act 1997 Subdivision 152-E | Income Tax Assessment Act 1997 section 104-190