Private ruling: CGT - small business concessions
Date of advice: 21 February 2025
Published: 7 April 2025
Ruling period: Year ended 30 June 20XX | Year ended 30 June 20XX | Year ended 30 June 20XX | Year ended 30 June 20XX
Date scheme commenced: 1 July 20XX

Ruling: Q1: 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? | A1: 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

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)