Tax Laws Amendment (2009 Measures No. 2) Act 2009 (42 of 2009)

Schedule 2   CGT concessions for small business

Part 3   Application provisions

41   Application of amendments made by Part 1

(1) The amendments made by Part 1 of this Schedule apply to CGT events (other than CGT events to which subitem (2) applies) happening in the 2007-08 income year and later income years.

(2) Subitem (1) does not apply in relation to a CGT event (the excluded event ) if:

(a) the excluded event happens in relation to a CGT asset before the day on which the Bill for this Act is introduced into the Parliament; and

(b) an entity makes a capital gain from the excluded event; and

(c) the basic conditions in Subdivision 152-A of the Income Tax Assessment Act 1997 (as in force immediately before Part 1 of this Schedule commences) are satisfied for the gain; and

(d) the basic conditions would not be satisfied for the gain if:

(i) subsection 152-40(1A) of that Act (as in force immediately before Part 1 of this Schedule commences) did not apply to the entity; or

(ii) section 152-47 of that Act (as in force immediately after Part 1 of this Schedule commences) applied to the entity.

(3) The amendments made by Part 1 of this Schedule apply to excluded events happening on or after the day on which the Bill for this Act is introduced into the Parliament.