Private ruling: Small business concessions
Date of advice: 17 September 2020
Published: November 2020
Ruling period: Year ending 30 June 20XX | Year ending 30 June 20XX | Year ending 30 June 20XX
Date scheme commenced: 2 November 20XX

Ruling: Q1: Will the Commissioner exercise his discretion under subsection 104-190(2) of the Income Tax Assessment Act 1997 (ITAA 1997) to extend the replacement asset period? | A1: Yes. Having regard to the particular circumstances of your case and the information provided, the Commissioner has applied the discretion and will extend the replacement asset period.

Relevant facts and circumstances: You sold your goodwill asset and elected to use the elected to use the small business replacement asset rollover concession. You are investigating business opportunities in another state, however due to COVID-19 travel restrictions you are unable to travel to this state to progress with the business opportunities.

Relevant legislative provisions: Income Tax Assessment Act 1997 Subdivision 152-E | Income Tax Assessment Act 1997 section 104-190 | Income Tax Assessment Act 1997 section 104-197