Private ruling: Small business concessions - extension of time to make an election
Date of advice: 11 July 2025
Published: 15 September 2025
Ruling period: Year ended 30 June 20XX | Year ending 30 June 20XX | Year ending 30 June 20XX
Date scheme commenced: 1 July 20XX

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? | A1: Yes. Taking your circumstances into account the Commissioner will exercise the discretion to extend the replacement asset period.

Relevant facts and circumstances: You carried on a business using your asset. You had used your asset for your business from the date of purchase until the sale date. You made a capital gain on the sale of your asset. More than 2 years have passed since you signed the contract on the sale of your asset and you have not yet acquired a replacement for this asset. You provided us with details on the reason for delay in purchasing a replacement asset.

Relevant legislative provisions: Income Tax Assessment Act 1997 Division 124 | Income Tax Assessment Act 1997 Subdivision 152-E | Income Tax Assessment Act 1997 subsection 104-190(2)