Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 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:

  (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.

  (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.

  (2)   The Commissioner may extend the replacement asset period , or that period as modified by subsection   (1).