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 152-5 amended by No 95 of 2019, s 3 and Sch 2 item 1, by substituting " Additional basic conditions must be satisfied in the following circumstances: (a) the CGT asset is a share in a company or an interest in a trust; (b) the CGT event involves certain rights or interests in relation to the income or capital of a partnership. " for " Additional basic conditions must be satisfied if the CGT asset is a share in a company or an interest in a trust. " , effective 1 January 2020 and applicable in relation to CGT events happening after 7.30 pm, by legal time in the Australian Capital Territory, on 8 May 2018.

S 152-5 amended by No 124 of 2018, s 3 and Sch 2 item 1, by substituting " The 2 major basic conditions are: " and subsequent para (a) and para (b) for " The 3 major basic conditions are: " and subsequent para (a), (b) and (c), effective 1 January 2019 and applicable in relation to CGT events happening on or after 8 February 2018. S 152-5 major basic conditions formerly read:

The 3 major basic conditions are:

(a) the entity must be a CGT small business entity or a partner in a partnership that is a CGT small business entity, or the net value of assets that the entity and related entities own must not exceed $6,000,000;

(b) the CGT asset must be an active asset;

(c) if the asset is a share or interest in a trust, there must be a CGT concession stakeholder just before the CGT event, and the entity claiming the concession must be a CGT concession stakeholder in the company or trust or CGT concession stakeholders in the company or trust must have a small business participation percentage in the entity of at least 90%.

S 152-5 amended by No 41 of 2017, s 3 and Sch 3 item 1, by substituting para (a), effective 1 July 2016. For application provision, see note under s 328-357 . Para (a) formerly read:

(a) the entity must be a small business entity or a partner in a partnership that is a small business entity, or the net value of assets that the entity and related entities own must not exceed $6,000,000;

S 152-5 amended by No 42 of 2009, s 3 and Sch 2 item 22, by substituting the two paras beginning with (and including) " There are limitations " for the para beginning with (and including) " There are limitations " , effective 23 June 2009. For transitional provision relating to choice, see note under s 152-10(1) . The para formerly read:

There are limitations on the availability of the small business concessions for CGT events J2, J5 and J6.

S 152-5 amended by No 80 of 2007 , s 3 and Sch 4 items 1 and 2, by substituting " an entity " for " then a small business entity " and substituting para (a), applicable to CGT events happening in the 2007-08 income year and later income years. Para (a) formerly read:

(a) a limit of $5,000,000 on the net value of assets that the business and related entities own;

S 152-5 amended by No 55 of 2007 , s 3 and Sch 1 items 18 and 19, by substituting para (c) and substituting " There are limitations on the availability of the small business concessions for CGT events J2, J5 and J6. " for " The small business concessions (apart from small business roll-overs and the small business retirement exemption) are not available for CGT events J2 and J3. " , applicable to CGT events happening in the 2006-07 income year or later income years. Para (c) formerly read:

(c) if the asset is a share or interest in a trust, there must be a controlling individual just before the CGT event and the entity claiming the concession must be a CGT concession stakeholder in the company or trust.

S 152-5 amended by No 41 of 2005 and inserted by No 165 of 1999 (as amended by No 173 of 2000).