Private ruling: Small business concession - replacement asset period
Date of advice: 9 November 2020
Published: January 2021
Ruling period: Year ended 30 June 20XX
Date scheme commenced: 1 July 20XX

Ruling: Q1: Will the Commissioner exercise his discretion under section 104-190(2) of the Income Tax Assessment Act 1997 to extend the replacement asset period in respect of the small business capital gains tax (CGT) replacement asset roll-over relief? | A1: Yes. Having considered the relevant facts, the Commissioner will apply his discretion under subsection 104-190(2) of the ITAA 1997 and allow an extension of the time to XX/XX/XXXX.

Relevant facts and circumstances: The company entered into a contract on XX/XX/XXXX to sell their business to an unrelated third party. As a small business entity, the company chose to utilise the small business replacement asset concession Due to extraordinary events outside of their control, the company has been unable to acquire a replacement asset within the allowable time period

Relevant legislative provisions: Income Tax Assessment Act 1997 Subdivision 152-E | Income Tax Assessment Act 1997 Section 104-190