Private ruling: An extension of the replacement asset period to apply the small business roll-over concession for a CGT event
Date of advice: 29 May 2021
Published: August 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 (ITAA 1997) to extend the replacement asset period to DD MM YYYY? | A1: Yes. Having considered the relevant facts, the Commissioner will apply his discretion undersubsection 104-190(2) of the ITAA 1997 and allow an extension of the time to DD MM YYYYto purchase a replacement asset.

Relevant facts and circumstances: You owned commercial office suites (the property). On DD MM YYY, you entered a contract of sale for the property which is due to settle on DD MM YYYY. You declared the capital gain made from the sale of the property in the 20XX-XX Income Tax Return. You advised that you satisfy the basic conditions and have elected to apply the Small Business Roll-Over Concession in Subdivision 152-E of the ITAA 1997.

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