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 152-15 amended by No 41 of 2011, s 3 and Sch 5 items 94 and 95, by renumbering the note as note 1 and inserting note 2, effective 27 June 2011.

S 152-15 amended by No 80 of 2007 , s 3 and Sch 4 items 4 to 6, by substituting " $6,000,000 " for " $5,000,000 " , substituting " *affiliates " for " *small business CGT affiliates " in para (c) and substituting " affiliates " for " small business CGT affiliates " in para (c), applicable to CGT events happening in the 2007-08 income year and later income years.

S 152-15 substituted by No 55 of 2007 , s 3 and Sch 1 item 22, applicable to CGT events happening in the 2006-07 income year or later income years. S 152-15 formerly read:

SECTION 152-15 Maximum net asset value test  
152-15
You satisfy the maximum net asset value test if, just before the *CGT event:

(a) the sum of the following amounts does not exceed $5,000,000:

(i) the *net value of the CGT assets of yours;

(ii) the net value of the CGT assets of any entities *connected with you;

(iii) the net value of the CGT assets of any *small business CGT affiliates of yours or entities connected with your small business CGT affiliates (not counting any assets already counted under subparagraph (ii)); and

Note:

Some assets aren ' t included in the definition of net value of the CGT assets : see subsections 152-20(2) and (3).

(b) if you are a partner in a partnership and the CGT event happens in relation to a *CGT asset of the partnership - the net value of the CGT assets of the partnership does not exceed $5,000,000.

S 152-15 amended by No 173 of 2000.

S 152-15 inserted by No 165 of 1999 (as amended by No 173 of 2000).