Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-3 - CAPITAL GAINS AND LOSSES: SPECIAL TOPICS  

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History

Part 3-3 inserted by No 46 of 1998.

Division 152 - Small business relief  

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Div 152 inserted by No 165 of 1999 (as amended by No 173 of 2000).

Subdivision 152-C - Small business 50% reduction  

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Subdiv 152-C (heading) substituted by No 41 of 2005.

SECTION 152-200   What this Subdivision is about  

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This Subdivision tells you how to apply the small business CGT concessions mentioned in step 4 of the method statement in subsection 102-5(1) .

A capital gain is reduced by 50% if the basic conditions in Subdivision 152-A are satisfied.

If the capital gain has already been reduced by the discount percentage, the 50% reduction under this Subdivision applies to that reduced gain.

The capital gain may be further reduced by the small business retirement exemption or a small business rollover, or both.

Alternatively, you may choose not to apply the 50% reduction and instead apply the small business retirement exemption or small business rollover.

None of these rules apply if the 15-year exemption already applies to the capital gain, since such a gain is disregarded anyway.

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S 152-200 substituted by No 58 of 2006 , s 3 and Sch 7 item 83, effective 22 June 2006. S 152-200 formerly read:

SECTION 152-200 What this Subdivision is about  

This Subdivision tells you how to apply the small business CGT concessions mentioned in step 4 of the method statement in subsection 102-5(1) .

A capital gain is reduced by 50% if the basic conditions in Subdivision 152-A are satisfied.

If the capital gain has already been reduced by the discount percentage, the 50% reduction under this Subdivision applies to that reduced gain.

The capital gain may be further reduced by the small business retirement exemption or a small business rollover, or both.

None of these rules apply if the 15-year exemption already applies to the capital gain, since such a gain is disregarded anyway.

S 152-200 inserted by No 165 of 1999 (as amended by No 173 of 2000).

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