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Will the Commissioner exercise the discretion under subsection 152 - 10(5) ofthe Income Tax Assessment Act 1997 (ITAA 1997) to extend the replacement asset period to X December 20XX?

Yes. Having considered the relevant facts, including the delay in negotiations with prospective business partners due to Covid-19 pandemic restrictions, the Commissioner has applied the discretion and will extend the replacement asset period to X December 20XX. This ruling applies for the following periods : Year ended 30 June 20XX Year ending 30 June 20XX The scheme commences on: X March 20XX

You made a capital gains tax (CGT) gain in the year ending June 20XX. The elected to apply the CGT small business roll-over concession to the CGT gain. Your 2 year period to acquire a replacement asset ceased on X March 20XX. You are currently in negotiations with prospective partners to use the capital gain to purchase shares to form a new business. Meetings with the prospective partners have been delayed due to the Covid-19 pandemic restrictions.

Income Tax Assessment Act 1997 section 152-10(5)