Private ruling: Capital gains tax (CGT) - small business concessions - replacement asset
Date of advice: 21 July 2020
Published: August 2020
Ruling period: Year ended 30 June 2020 | Year ended 30 June 2021
Date scheme commenced: 1 July 2018

Ruling: Q1: Will the Commissioner extend the replacement asset period to DD/MM/YYYY? | A1: Yes. Having considered your circumstances and the relevant factors the Commissioner will extend the replacement asset period. Further information about the small business roll-over can be found by searching 'QC 52291' on ato.gov.au

Relevant facts and circumstances: You sold a business asset and made a capital gain. You chose to apply the small business roll-over to the gain. For reasons outside your control you did not acquire a replacement asset within 2 years of the disposal of the original business asset. You will acquire a replacement asset before DD/MM/YYYY.

Relevant legislative provisions: Income Tax Assessment Act 1997 section 104-190(2) | Income Tax Assessment Act 1997 Subdivision 152-E