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 152-35 substituted by No 55 of 2007 , s 3 and Sch 1 item 31, applicable to CGT events happening in the 2006-07 income year or later income years. S 152-35 formerly read:

SECTION 152-35 Active asset test  
152-35
A *CGT asset satisfies the active asset test if the asset was an *active asset of yours:

(a) just before the earlier of:

(i) the *CGT event; and

(ii) if the relevant business ceased to be carried on in the last 12 months or any longer period that the Commissioner allows - the cessation of the business; and

(b) during at least half of the period beginning at the later of:

(i) when you acquired the asset; and

(ii) if you have owned the asset for more than 15 years - 15 years before the time that applies under paragraph (a);

and ending at the time that applies under paragraph (a).

S 152-35 inserted by No 165 of 1999 (as amended by No 173 of 2000).