Private ruling: CGT - small business concessions - replacement asset period
Date of advice: 25 November 2011
Published: January 2021
Ruling period: Year ended 30 June 20XX | Year ended 30 June 20XX
Date scheme commenced: 1 July 20XX

Ruling: Q1: Will the Commissioner extend the replacement asset period under subsection 104-190(2) of the Income Tax Assessment Act 1997 (ITAA 1997)? | A1: Yes, extension of time to XX XX 20XX 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: You sold a business asset, known as XX Road. The related CGT event occurred on XX XX 20XX. You made the choice to utilise the small business CGT concession rollover. You have been actively searching for another suitable property with the plan to purchase a cattle farm in XX. Despite searching, you have not yet found a suitable replacement asset due to the severe drought and tough market conditions in the area. In addition, from March 20XX, the Covid-19 has also increased the difficulty of traveling to look for suitable properties and has reduced the number of buying opportunities.

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