Private ruling: Capital gains tax - replacement asset rollover - extension
Date of advice: 7 September 2018
Published: October 2018
Ruling period: Year ending 30 June 201D
Date scheme commenced: 1 July 201C

Ruling: Q1: Will the Commissioner exercise the discretion available under subsection 124-75(3) of the Income Tax Assessment Act 1997 (ITAA 1997) to provide you with an extension of time until the requested date in 201C to acquire replacement assets? | A1: Yes. Having considered your circumstances and the relevant factors, the Commissioner will allow a further extension of time.


Relevant legislative provisions: Income Tax Assessment Act 1997 – Subsection 124-75(3)


Relevant facts: You acquired a commercial rental property. (The property) | The property was acquired prior to 20 September 1985. | The property was compulsorily acquired in 201A. | You received $xxx in compensation in 201A. | You were involved in ongoing negotiation in relation to additional amounts of compensation. | You received the final amount of $xxx less legal fees in 201C. | You have been actively seeking other assets to purchase. So far you have acquired one replacement asset for $xxx settlement occurring in 201B. | You have not used the remaining amount on replacement assets yet because you have not been able to find another suitable property. | You have inspected a number of properties and for a variety of reasons have decided not to proceed with a purchase.