Private ruling: Income Tax – Capital Gains Tax – Small Business Concessions
Date of advice: 23 May 2019
Published: July 2019
Ruling period: Year ended 30 June 20XX | Year ended 30 June 20XX | Year ended 30 June 20XX
Date scheme commenced: 1 July 20XX

Ruling: Q1: Will the Commissioner exercise his discretion under subsection 104-190(2) of the Income Tax Assessment Act 1997 (ITAA 1997) and allow an extension of time to the replacement asset period? | 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 are currently XX years old. You were a partner in a partnership that carried on a business of primary production. The business was located at the property. Your spouse at the time was also a partner in the partnership You have separated from your spouse and the separation is before the Family Court. The property was sold as part of the distribution of family assets. Not long after the property was sold settlement occurred on the property. The funds from the sale of the property were frozen by the Family Court pending Family Law Settlement and Final Orders. Approximately two years after the property was sold Final Orders were made by the Family Court. Funds are still held on trust pending an agreement between you and your ex-spouse, without these funds you’re unable to purchase a replacement asset.

Relevant legislative provisions: Income Tax Assessment Act 1997 section 104-190