INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIA - CAPITAL GAINS AND CAPITAL LOSSES  

Division 17A - Roll-over relief for certain disposals of assets related to small businesses  

Subdivision B - How roll-over relief is available on the disposal of an asset  

SECTION 160ZZPP   THRESHOLD CRITERIA IN RESPECT OF MAXIMUM NET VALUE OF ASSETS OF TAXPAYER AND RELATED PERSONS  

160ZZPP(1)   [All criteria must be satisfied]  

This section sets out the threshold criteria all of which must be satisfied before this Division applies in relation to the disposal by a taxpayer of an asset.

Note:

The criteria must be satisfied at the disposal test time (see paragraphs 160ZZPL(7)(b), (8)(d) and (9)(d)).

160ZZPP(2)    

160ZZPP(3)   [Partnerships]  

If the taxpayer is a partner in a partnership and the asset disposed of is an asset of the partnership, the net value of the partnership's assets must not exceed $5,000,000.

160ZZPP(4)   [Which assets included]  

The sum of:

(a) the total of the net values of the assets of the taxpayer; and

Note:

The assets of a taxpayer do not include shares, units or other interests in entities connected with the taxpayer (see subsection 160ZZPL(2) ).

(b) the net values of the assets of any entities that are connected with the taxpayer; and

(c) (Omitted by by No 16 of 1998.)

(d) if an associate of the taxpayer is a partner in a partnership (other than a partnership that is connected with the taxpayer) - the share of the associate in the net value of the assets of the partnership;

must not exceed $5,000,000.

160ZZPP(5)   [Calculation of net value]  

The net value of the assets of an entity at a particular time for the purposes of this Subdivision is the amount (if any) by which at that time the sum of the market values of the assets of the entity exceeded the sum of the liabilities of the entity that related to those assets (other than a liability that related to an asset that is not an asset for the purposes of this Part because of paragraph (a), (b), (c) or (d) of the definition of asset in subsection 160ZZPL(1) ).