Income Tax Assessment Act 1997
CHAPTER 3
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SPECIALIST LIABILITY RULES
PART 3-1
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CAPITAL GAINS AND LOSSES: GENERAL TOPICS
Division 104
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CGT events
Subdivision 104-J
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CGT events relating to roll-overs
SECTION 104-190
Replacement asset period
104-190(1A)
If you choose a small business roll-over under Subdivision 152-E for a *CGT event that happens in relation to a *CGT asset in an income year, the replacement asset period is the period:
(a) starting one year before the last CGT event in the income year for which you obtain the roll-over; and
(b) ending at the later of:
104-190(1)
The replacement asset period is modified if your *capital proceeds for the *CGT event are increased under subsection 116-45(2) or 116-60(3) after the end of that period. Instead, you have until 12 months after you receive those additional proceeds to *acquire a replacement asset, or incur *fourth element expenditure in relation to a *CGT asset, or do both.
104-190(2)
The Commissioner may extend the replacement asset period , or that period as modified by subsection (1).
View history note
Hide history noteIf you choose a small business roll-over under Subdivision 152-E for a *CGT event that happens in relation to a *CGT asset in an income year, the replacement asset period is the period:
(a) starting one year before the last CGT event in the income year for which you obtain the roll-over; and
(b) ending at the later of:
(i) 2 years after that last CGT event; and
(ii) if the first-mentioned CGT event happened because you *disposed of the CGT asset - 6 months after the latest time a possible *financial benefit becomes or could become due under a *look-through earnout right relating to the CGT asset and the disposal.
104-190(1)
The replacement asset period is modified if your *capital proceeds for the *CGT event are increased under subsection 116-45(2) or 116-60(3) after the end of that period. Instead, you have until 12 months after you receive those additional proceeds to *acquire a replacement asset, or incur *fourth element expenditure in relation to a *CGT asset, or do both.
Note:
Section 116-45 applies if you do not receive your capital proceeds despite having taken all reasonable steps to get them, and section 116-60 applies if your capital proceeds are misappropriated by your employee or agent.
104-190(2)
The Commissioner may extend the replacement asset period , or that period as modified by subsection (1).
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