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Will the Commissioner exercise the discretion in subsection 104-190(2) of the Income Tax Assessment Act 1997 (ITAA 1997) to extend the replacement asset period until 30 June 20XX?

Yes. After taking into consideration relevant factors including the delayed settlement, competitve market and COVID-19 impacts, the Commissioner will allow the extension of time. This ruling applies for the following periods : Year ending 30 June 20XX The scheme commences on: 30 June 20XX

You sold an interest in two businesses. Due to various factors beyond your control, settlement was delayed. You made the choice to apply the small business roll-over under Subdivision 152 E of the ITAA 1997 to the capital gain. You have been actively searching and attempting to purchase suitable replacement assets, since settlement. It has been difficult to secure replacement assets during the 2-year replacement asset period due to COVID-19 restrictions as well as the competitive market. You are in the process of acquiring a business and are in the process of having finance arranged.

Income Tax Assessment Act 1997 subsection 104-190(2) Income Tax Assessment Act 1997 Subdivision 152-E