Private ruling: Capital gains tax (CGT) and the small business concessions
Date of advice: 20 May 2019
Published: July 2019
Ruling period: Year ending 30 June 2019 | Year ending 30 June 2020
Date scheme commenced: 1 July 2017

Ruling: Q1: Will the Commissioner extend 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: You sold a business asset and the associated CGT event occurred on 20xx. You made the choice to utilise the small business concession rollover in your 20xx-xx financial year income tax return. You have identified a property which you intend to enter into a contract to purchase in the near future, subject to an improvement in seasonal conditions. The severe drought in the area has impacted on your ability to purchase the replacement property.

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