Income Tax Assessment Act 1997

Part 3-3 inserted by No 46 of 1998.

Div 152 inserted by No 165 of 1999 (as amended by No 173 of 2000).

S 152-25 repealed by No 80 of 2007 , s 3 and Sch 4 item 13, applicable to CGT events happening in the 2007-08 income year and later income years. S 152-25 formerly read:

SECTION 152-25 Meaning of small business CGT affiliate  
152-25(1)
A person is a small business CGT affiliate of yours if:

(a) you are an individual and the person is your *spouse or *child under 18 years; or

(b) the person acts, or could reasonably be expected to act, in accordance with your directions or wishes, or in concert with you.

 View history note

 Hide history note

History

S 152-25(1) amended by No 41 of 2005.

152-25(2)
However, a person is not your small business CGT affiliate merely because of the nature of the business relationship you and the person share.

Example:

A partner in a partnership would not be a small business CGT affiliate of another partner merely because the first partner acts, or could reasonably be expected to act, in accordance with the directions or wishes of the second partner, or in concert with the second partner, in relation to the affairs of the partnership.

Directors of the same company and trustees of the same trust, or the company and a director of the company, would be in a similar position.

 View history note

 Hide history note

History

S 152-25(2) substituted by No 55 of 2007 , s 3 and Sch 1 item 28, applicable to CGT events happening in the 2006-07 income year or later income years. S 152-25(2) formerly read:

152-25(2)
Another partner in a partnership in which you are a partner is not your small business CGT affiliate only because the partner acts, or could reasonably be expected to act, in concert with you in relation to the affairs of the partnership.

S 152-25 inserted by No 165 of 1999 (as amended by No 173 of 2000).