EV 1052093939825currentnon-binding advice

CGT - small business roll-over

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 in subsection 104-190(2) of the Income Tax Assessment Act 1997 (ITAA 1997) to extend the replacement asset period DD MM YYYY?

2

Yes. Having considered your circumstances and the relevant factors the Commissioner will exercise the discretion and extend the replacement asset period to DD MM YYYY. This ruling applies for the following periods : Year ending 30 June 20YY The scheme commenced on: 1 July 20YY

3

You disposed of a capital gains tax (CGT) asset in the 20YY income year. The disposal resulted in a capital gain to which you applied the small business CGT roll-over in Subdivision 152-E of the ITAA 1997 . The COVID-19 pandemic has made searching for and finding a suitable replacement asset difficult. You are actively looking for a suitable replacement asset.

4

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