Private ruling: Small business rollover
Date of advice: 15 June 2019
Published: August 2019
Ruling period: Year ending 30 June 2020
Date scheme commenced: 1 July 2018

Ruling: Q1: Will the Commissioner exercise his discretion under section 104-190(2) of the Income Tax Assessment Act 1997 (ITAA 1997) to extend the replacement asset period? | A1: Yes. Having regard to your circumstances and the steps you are taking to acquire a replacement asset, the Commissioner considers it would be fair and equitable for the purposes of section 104-185(1) of the ITAA 1997. Further information on the small business rollover can be found on by searching 'QC52291' on ato.gov.au.

Relevant facts and circumstances: You disposed of your business interest in 20XX. You were actively looking for a replacement asset for several months. One of the businesses you inspected, in 20XX you engaged the services of an accounting firm to complete a due-diligence appraisal. In 20XX you attempted to dispose of an asset to support this financial acquisition. This was unsuccessful. In 20XX you made another offer on a replacement asset and your offer was rejected. You will make another offer on this business.

Relevant legislative provisions: Income Tax Assessment Act 1997 Subsection 103-25 | Income Tax Assessment Act 1997 Subsection 104-185 | Income Tax Assessment Act 1997 Subsection 104-190