Tax Laws Amendment (2006 Measures No. 7) Act 2007 (55 of 2007)

Schedule 1   Small business relief for CGT events

Income Tax Assessment Act 1997

40   Section 152-100

Omit “controlling individual throughout the period of ownership and the individual who was the controlling individual”, substitute “significant individual for a total of at least 15 years during which the entity owned the asset and the individual who was the significant individual”.