Private ruling: Small business concessions
Date of advice: 24 July 2020
Published: August 2020
Ruling period: Year ending 30 June 20XX
Date scheme commenced: 1 July 20XX

Ruling: Q1: Will the Commissioner extend the replacement asset period to 30 June 20XX in accordance with section 104-190 of the Income Tax Assessment Act 1997 (ITAA 1997)? | 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 sold a business asset and the associated CGT event occurred. Settlement did not occur until XXXX. You operated a cattle farming business from the property. The property was also your main residence. You made the choice to utilise the small business concession rollover. You have been searching for another property to acquire. Despite searching, you have not yet found a suitable replacement property.

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