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S 152-405 repealed by No 55 of 2007 , s 3 and Sch 1 item 57, applicable to CGT events happening in the 2006-07 income year or later income years. S 152-405 formerly read:

SECTION 152-405 Basic principles for the small business roll-over  
152-405(1)
You can choose to obtain a roll-over if the basic conditions in Subdivision 152-A are satisfied for the capital gain.

152-405(2)
You must acquire a replacement asset within the period from one year before to 2 years after the happening of the last CGT event in the income year for which you obtain the small business roll-over.

152-405(3)
The form of the roll-over is that the capital gain is disregarded to the extent that it does not exceed the cost base of the replacement asset.

152-405(4)
You will make a separate capital gain if a CGT event subsequently happens to the replacement asset or if its status changes in particular ways.

S 152-405 inserted by No 165 of 1999 (as amended by No 173 of 2000).