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1 Will the proposed acquisition of property satisfy the 'same' or 'similar' purpose test for the purposes of subsection 124-75(4) of the Income Tax Assessment Act 1997 ?

1 Yes. The Commissioner accepts that the proposed acquisition will satisfy the 'same' or 'similar' purpose test for the purposes of subsection 124-75(4). This ruling applies for the following period : Income year ending 30 June 20XX The scheme commenced on: 1 July 20XX

Entity A owned the properties that were leased to tenants to derive rental income. A 'Taking of Land' notice was published in the Government Gazette and covered the properties owned by Entity A. Entity A is considering acquiring a replacement property to derive rental income from leasing it.

Income Tax Assessment Act 1997 subsection 124-75(4)