Private ruling: Capital gains tax - small business concessions - extension of time
Date of advice: 22 May 2019
Published: July 2019
Ruling period: Year ending 30 June 2019
Date scheme commenced: 1 July 2018

Ruling: Q1: Will the Commissioner extend the replacement asset period? | 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 legislative provisions: Income Tax Assessment Act 1997 section 104-190 | Income Tax Assessment Act 1997 subsection 104-190(2)


Relevant facts: You acquired an agricultural property in 20XX. (The property) | The property was used to operate a farming business. | You sold the property in 20XX. | You inspected numerous farming properties to locate a suitable replacement property. You were unable to locate a property that was appropriate for you. | You have also attended X auctions. However you have been unsuccessful in acquiring a replacement property. | Your family is also involved in the agricultural industry. | You purchased another property and a contract was entered into in 20XX.