Private ruling: Small business concessions- replacement asset rollover
Date of advice: 24 September 2019
Published: November 2019
Ruling period: Year ended 30 June 2018
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 purchased a property (Property A). In the meantime you were trying to sell your existing property (Property B). Property B was listed for sale shortly after you purchased Property A. Property B was eventually sold over 12 months after you purchased Property A. You experienced delays in selling Property B due to the difficult selling conditions caused by the ongoing drought. You satisfy the CGT small business concessions in relation to the sale of Property B.

Relevant legislative provisions: Income Tax Assessment Act 1997 section 104-185, | Income Tax Assessment Act 1997 section 104-190, and | Income Tax Assessment Act 1997 Division 152-E.