Private ruling: Income tax – capital gain – small business replacement asset rollover - extension
Date of advice: 19 March 2019
Published: May 2019
Ruling period: Year ending 30 June 2019
Date scheme commenced: 1 July 2017

Ruling: Q1: Will the Commissioner use his 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 capital gains tax (CGT) replacement asset roll-over relief to XX XXXXXX 20XX? | A1: Yes. Having considered your circumstances and the relevant factors the Commissioner considers it appropriate to grant an extension of the replacement asset period. Further information can be found by searching 'QC 52291' on ato.gov.au

Relevant facts and circumstances: This ruling is based on the facts stated in the description of the scheme that is set out below. If your circumstances are materially different from these facts, this ruling has no effect and you cannot rely on it. The fact sheet has more information about relying on your private ruling. You sold the business which consisted of real property and the business operation. There was 6 month difference between the contract date and settlement date. You have made a capital gain. You have provided details to demonstrate that you have examined numerous replacement businesses as potential purchases, however all were unsuitable. You have engaged a business opportunity and are currently waiting for a location to become available.

Relevant legislative provisions: Income Tax Assessment Act 1997 Section 104-185 | Income Tax Assessment Act 1997 Subsection 104-185(1) | Income Tax Assessment Act 1997 Section 104-190 | Income Tax Assessment Act 1997 Subsection 104-190(2)