Private ruling: Small business rollover
Date of advice: 15 June 2019
Published: August 2019
Ruling period: Year ending 30 June 2019
Date scheme commenced: 1 July 2018

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 30 June 2019? | A1: Yes. Having regard to your full circumstances and the acceptable explanation of the steps you have taken to acquire a replacement asset, the Commissioner considers it would be fair and equitable for the purposes of section 104-185(1) of the ITAA 1997. Further information on the small business rollover can be found on by searching 'QC52291' on ato.gov.au .

Relevant facts and circumstances: You disposed of your business interest. You applied the small business rollover to the capital gain made on the disposal. You acquired some assets within the two year acquisition period but this did not cover the entire rollover amount. You actively demonstrated a continuous effort to find suitable replacement assets. In XXXX you acquired a fish and chip shop and amount for the purchase covers the remaining asset rollover amount.

Relevant legislative provisions: Income Tax Assessment Act 1997 Subsection 103-25 | Income Tax Assessment Act 1997 Subsection 104-185 | Income Tax Assessment Act 1997 Subsection 104-190


Subject: Small business rollover: This ruling applies to the beneficiaries of the trust and to the trustee and to any future trustees, for as long as the ruling remains current.