Private ruling: Capital gains tax - small business concessions - replacement asset
Date of advice: 7 November 2019
Published: January 2020
Ruling period: Year ended 30 June 2019 | Year ending 30 June 2020
Date scheme commenced: 1 July 2017

Ruling: Q1: Will the Commissioner use his discretion to extend the replacement asset period pursuant to subsection 104-190(2) of the Income Tax Assessment Act 1997 in respect of the Small Business CGT replacement asset rollover relief? | A1: Yes. Having considered your circumstances and the relevant factors the Commissioner considers it appropriate to grant an extension of the replacement asset period. Further information can be found by searching 'QC 52291' on ato.gov.au

Relevant facts and circumstances: You were a part owner of an asset (Asset). The Asset was used in by a small business entity to carry on a business. The Asset value was below the maximum net asset value test. You were in a partnership with your relative and others. The Asset was sold in XXXX, and there was a capital gain. Legal proceedings prevented the funds from being available. You have considered a number of options for businesses to acquire.

Relevant legislative provisions: Income Tax Assessment Act 1997 section 104-190