Tax Laws Amendment (2006 Measures No. 7) Act 2007 (55 of 2007)

Schedule 1   Small business relief for CGT events

Income Tax Assessment Act 1997

42   Paragraph 152-110(1)(c)

Repeal the paragraph (including the note), substitute:

(c) the entity had a *significant individual for a total of at least 15 years (even if the 15 years was not continuous and it was not always the same significant individual) during which the entity owned the CGT asset;

Note: There is an exception for discretionary trusts that have tax losses or no taxable income for an income year: see section 152-120.