Private ruling: Income tax - CGT
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 purchased a commercial property. You sold the commercial property. Under section 152-10 of the ITAA 1997, you satisfy the basic conditions for CGT Relief and have elected to apply the Small Business Roll-Over Concession in Subdivision 152-E of the ITAA 1997. Within the replacement asset period, you identified and entered a contract to purchase a replacement asset however the contract of sale fell through due to finance. Five months post the replacement asset period, you successfully acquired a replacement asset. The delay in purchasing a property was difficult because the area experienced a drought.

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