EV 1052022460811currentnon-binding advice

CGT - replacement asset extension of time

Non-binding edited private advice. This is an edited version of private advice the ATO gave to a specific taxpayer about their own circumstances. You cannot rely on it — it is not binding and provides no protection for anyone else (see PS LA 2008/4). Use it as a guide to the ATO’s thinking, not as authority.

1

Will the Commissioner exercise the discretion to extend the replacement asset period pursuant to subsection 104-190(2) of the Income Tax Assessment Act 1997 (ITAA 1997) to 30 June 2023?

2

Yes. Having considered your circumstances and the relevant factors, the Commissioner considers it appropriate to grant an extension of the replacement asset period to 30 June 20XX. This ruling applies for the following period : Year ending 30 June 20XX The scheme commences on: 30 June 20XX

3

You sold the property in the 20XX financial year resulting in a capital gain. You applied the small business 50% active asset reduction and the small business rollover concessions to reduce the capital gain made the disposal of the primary production business. You were prevented from acquiring a replacement asset within the two-year period due to a family law dispute and the monies being held up in the solicitor's trust account. The family law dispute settled in the 20XX financial year. You have stated you met the 'basic conditions' for CGT small business concessions under section 152-10 of the ITAA 1997.

4

Income Tax Assessment Act 1997 section 104-90(2)