Private ruling: CGT - small business roll-over
Date of advice: 21 September 2022
Published: December 2022
Ruling period: Year ending 30 June 20XX
Date scheme commenced: 1 July 20XX

Ruling: Q1: Will the Commissioner exercise the discretion to extend the replacement asset period pursuant to subsection 104-190(2) of the Income Tax Assessment Act 1997 (ITAA 1997), in respect of the small business roll-over under Subdivision 152-E of the ITAA 1997? | A1: Yes. Having regard to your circumstances including the ill health of the sellers which has delayed negotiations, the Commissioner considers the extension would be fair and equitable. Further information on the small business rollover can be found on by searching 'QC 52291' on ato.gov.au.

Relevant facts and circumstances: You are a primary producer. You sold a primary production property which you owned with your then spouse. The property sold was a small business capital gains tax active asset. Your intention is to acquire a replacement asset by purchasing a primary production property from X. This aligns with your chosen career in primary production as well as the succession planning of your wider family. The acquisition of this replacement asset had been put on hold due to recent serious ill health of X. Around the time of applying for this private ruling X had again become well enough to recommence discussions about the sale of the property.

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