Private ruling: CGT - SBC - EOT - rollover relief
Date of advice: 26 August 2022
Published: November 2022
Ruling period: Year ended 30 June YYYY | Year ending 30 June YYYY
Date scheme commenced: DD MM YYYY

Ruling: Q1: Will the Commissioner exercise the discretion under subsection 104-190(2) ofthe Income Tax Assessment Act 1997 (ITAA 1997) to extend the replacement asset period to DD MM YYYY? | A1: Yes. Having considered the relevant facts, including the delay in negotiations with prospective business partners due to Covid-19 pandemic restrictions, the Commissioner has applied the discretion and will extend the replacement asset period to DD MM YYYY.

Relevant facts and circumstances: You made a capital gains tax (CGT) gain in the year ending June YYYY. The elected to apply the CGT small business roll-over concession to the CGT gain. Your X-year period to acquire a replacement asset ceased on DD MM YYYY. You are currently in negotiations with prospective partners to use the capital gain to purchase shares to form a new business. Meetings with the prospective partners have been delayed due to the Covid-19 pandemic restrictions.

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