Private ruling: Extension of the replacement asset period to apply the small business rollover concession
Date of advice: 16 September 2021
Published: November 2021
Ruling period: DD MM YYYY
Date scheme commenced: DD MM YYYY

Ruling: Q1: Will the Commissioner exercise discretion under subsection 104-190(2) of the Income Tax Assessment Act 1997 (ITAA 1997) to allow an extension of the replacement asset period to DD MM YYYY in order to apply the Small Business Rollover Concession under subdivision 152-E of the ITAA 1997? | A1: Yes. Having considered your circumstances and the relevant factors, the Commissioner will provide an extension of the replacement asset period until DD MM YYYY for you to apply the Small Business Rollover Concession.

Relevant facts and circumstances: You owned and disposed of a small business. On disposal of the property, you made a net capital gain to which you applied the Small Business Rollover Concession (after applying the 50% General Discount and the Small Business Active Asset Reduction). You intended to acquire a replacement asset within the replacement asset period, to avoid triggering CGT event (J5) however you have been prevented from doing so due to the illness of a dependent.

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