Private ruling: CGT - rollover relief
Date of advice: 19 September 2022
Published: December 2022
Ruling period: Year ending 30 June 20XX | Year ending 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 discretion under subsection 104 - 190(2) of the Income Tax Assessment Act 1997 (ITAA 1997) to extend the small business capital gains tax (CGT) replacement asset within the period ending June 30, 20XX? | A1: Yes, having considered your circumstances and the relevant factors, the Commissioner will use discretion to grant you further time to extend the replacement asset period pursuant to subsection 104 - 190(2) of the ITAA 1997 in respect of the small business CGT replacement asset rollover relief.

Relevant facts and circumstances: In the year ending 30 June 20XX, the Entity made a capital gain with the intention of obtaining a replacement asset over the next two years. The entity is considering a business as a replacement asset, although due the industry has been significantly impacted by the Covid-19 Pandemic which has made acquiring a new more difficult. More recently Flooding in 20XX where the entity has been looking, has added to the difficulties to find a replacement asset. Currently the entity has identified a potentially suitable asset and is considering its acquisition.

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