Private ruling: Capital gains tax - small business concessions
Date of advice: 14 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 to DD MM YYYYfor the asset to qualify as a replacement asset.

Relevant facts and circumstances: You owned a business. You sold the business and have yet to purchase a replacement asset due to COVID-19. You were eligible to apply the small business concessions to the capital gain.

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