Private ruling: CGT - small business roll-over
Date of advice: 6 April 2023
Published: 5 June 2023
Ruling period: Year ending 30 June 20YY
Date scheme commenced: 1 July 20YY

Ruling: Q1: Will the Commissioner exercise the discretion in subsection 104-190(2) of the Income Tax Assessment Act 1997 (ITAA 1997) to extend the replacement asset period DD MM YYYY? | A1: Yes. Having considered your circumstances and the relevant factors the Commissioner will exercise the discretion and extend the replacement asset period to DD MM YYYY.

Relevant facts and circumstances: You disposed of a capital gains tax (CGT) asset in the 20YY income year. The disposal resulted in a capital gain to which you applied the small business CGT roll-over in Subdivision 152-E of the ITAA 1997 . The COVID-19 pandemic has made searching for and finding a suitable replacement asset difficult. You are actively looking for a suitable replacement asset.

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