Private ruling: Capital gains tax - small business concessions
Date of advice: 12 January 2021
Published: March 2021
Ruling period: Year ended DD MM YYYY
Date scheme commenced: DD MM YYYY

Ruling: Q1: Will the Commissioner exercise his discretion under section 104-190(2) of the Income Tax Assessment Act 1997 to extend the replacement asset period in respect of the small business capital gains tax (CGT) replacement asset roll-over relief to DD MM YYYY? | A1: Yes. Having considered the relevant facts, the Commissioner will apply his discretion under subsection 104-190(2) of the ITAA 1997 and allow an extension of the time for the asset to purchase a replacement asset.

Relevant facts and circumstances: You owned an active asset. You sold the active asset and made a capital gain. You applied the CGT Replacement AssetRollover. You suffered a medical condition. You experienced a marital breakdown and have since been in legal and financial settlement proceedings. You intend to acquire a replacement asset.

Relevant legislative provisions: Income Tax Assessment Act 1997 section 104-190