Treasury Laws Amendment (2019 Tax Integrity and Other Measures No. 1) Act 2019 (95 of 2019)

Schedule 2 Enhancing the integrity of the small business CGT concessions in relation to partnerships

Insert:

Additional basic condition for CGT events involving certain rights or interests in relation to the income or capital of a partnership

(2C) If the *CGT event involves the creation, transfer, variation or cessation of a right or interest that would entitle anentity to:

(a) an amount of the income or capital of a partnership; or

(b) an amount calculated by reference to a partner's entitlement to an amount of income or capital of a partnership;

it is an additional basic condition that the right or interest is a *membership interest of the entity in the partnership:

(d) if the CGT event involved the cessation of the right or interest - immediately before the CGT event happens.