Will the Commissioner exercise the discretion under paragraph 124-75(3)(b) of the Income Tax Assessment Act 1997 (ITAA 1997) to allow an extension of time, until 30 June 20XX, for you to acquire replacement assets?
Yes. The Commissioner will exercise his discretion under paragraph 124-75(3)(b) of the ITAA 1997 to allow an extension of time until 30 June 20XX to replace the acquired assets. This ruling applies for the following periods : Year ending 30 June 20XX Year ending 30 June 20XX Year ending 30 June 20XX Year ending 30 June 20XX The scheme commences on: 1 July 20XX
This private ruling is based on the facts stated in the description of the scheme that is set out below. If your circumstances are different from these facts, this private ruling has no effect and you cannot rely on it. The fact sheet has more information about relying on your private ruling. You own a property. The property was flooded and has been vacant since MMYYYY. The property could not be repaired until the claim was completed. The claim was completed in MMYYYY and the insurance provider concluded that the property was a write-off, and a lump sum payment was received in compensation. You decided to repair and restore the property although it has taken longer than anticipated to gain building approvals and tradesmen to complete the required work. Some minor works have been completed although due to not being able to source the required tradespeople the property is not yet in a liveable condition.
Income Tax Assessment Act 1997 section 124-75(3)(b)