Private ruling: Commissioner's discretion for an extension of time to apply the small business rollover
Date of advice: 1 June 2019
Published: July 2019
Ruling period: Years ended 30 June 20XX to 30 June 20XX
Date scheme commenced: 1 July 20XX

Ruling: Q1: Will the Commissioner, pursuant to subsection 104-190(2) of the Income Tax Assessment Act 1997 (ITAA 1997) extend the time limit set out in subsection 104-185(1) of the ITAA 1997 for your replacement asset to be acquired? | A1: Yes. Having considered your circumstances and the relevant factors the Commissioner considers it appropriate to grant an extension of the replacement asset period. Further information can be found by searching 'QC 52291' on ato.gov.au

Relevant facts and circumstances: You sold a property on XX/mth/20XX. You have been actively looking for a suitable replacement property. During the previous three years you have made numerous property inspections and enquiries, along with making offers and attending auctions and lodging tenders. You have advised that for the past 18 months there have been significant drought circumstances covering large areas of X and Y which has reduced the number of properties on the market. You also advise that your child is suffering from a medical condition and they will always be dependant of your care. Due to this your family circumstances require you to be closer to services to facilitate care for your child. You have not yet found a property which will provide both suitable income or in an area where services for your child are available.

Relevant legislative provisions: Income Tax Assessment Act 1997 Section 104-185, | Income Tax Assessment Act 1997 Subsection 104-190(2), and | Income Tax Assessment Act 1997 Section 152-415.