Private ruling: Commissioner's discretion - extension to the roll-over period
Date of advice: 19 November 2021
Published: February 2022
Ruling period: Year ending 30 June XXXX
Date scheme commenced: 1 July XXXX

Ruling: Q1: Will the Commissioner exercise his discretion under section104-190(2) of the Income Tax Assessment Act 1997 (ITAA 1997) to extend the replacement asset period to X January XXXX? | A1: Yes. Having considered the circumstances and the relevant factors the Commissioner considers it appropriate to grant an extension of time to acquire a replacement asset.

Relevant facts and circumstances: You elected to use the small business replacement asset roll-over in your XXXX income tax return. Your intention is to start up a new company in Queensland. You have been working on a business proposal however there have been delays due to border restrictions between Queensland and New South Wales in finalising the feasibility research and geographical base in the market. You have prospective partners who have shown strong interest in investing in the business.

Relevant legislative provisions: Income Tax Assessment Act 1997 subsection 104-190(2)