Private ruling: CGT - small business roll-over relief
Date of advice: 5 April 2023
Published: 29 May 2023
Ruling period: The year ended 30 June 20YY | The year ended 30 June 20YY | The year ending 30 June 20YY | The year ending 30 June 20YY
Date scheme commenced: DD/MM/YYYY

Ruling: Q1: Will the Commissioner exercise the discretion in subsection 104-190(2) of the Income Tax Assessment Act 1997 to extend the replacement asset period to DD/MM/YYYY? | A1: Yes. Having considered your circumstances and the relevant factors the Commissioner will exercise the discretion and extend the replacement asset period to DD/MM/YYYY.

Relevant facts and circumstances: You sold a business. There were several factors outside your control that prevented the purchase of a replacement asset within the 2-year replacement asset period. You are requesting an extension of time to the 2-year replacement asset period so you can source a replacement asset and apply the small business CGT roll-over concession.

Relevant legislative provisions: Income Tax Assessment Act 1997 subsection 140-190(2)