Private ruling: Commissioner’s discretion
Date of advice: 20 May 2019
Published: July 2019
Ruling period: Year ended 30 June 2015 | Year ended 30 June 2016
Date scheme commenced: 1 July 2014

Ruling: Q1: Will the Commissioner extend the replacement asset period? | 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 incurred a capital gain from the sale of a small business. You satisfy the small business concessions basic conditions. You applied the small business concessions and rolled over the capital gain. Within the two year replacement asset period you began the process of starting up a new business. The funds spent on the replacement assets were delayed and just outside the two year replacement asset period due to illness and issues with the council.

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