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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History

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

Subdivision 152-D - Small business retirement exemption  

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SECTION 152-300   What this Subdivision is about  

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You can choose to disregard a capital gain from a CGT event happening to a CGT asset of your small business if the capital proceeds from the event are used in connection with your retirement.

There is a lifetime limit of $500,000 for all choices that can be made in respect of an individual under this Subdivision.

You may choose not to apply the concession in section 152-205 (small business 50% reduction) before this one. For an additional concession, see also Subdivision 152-E (small business roll-over).

You do not need to satisfy the basic conditions for this exemption in relation to CGT events J5 and J6.

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History

S 152-300 amended by No 42 of 2009, s 3 and Sch 2 item 33, by substituting the third and fourth paragraphs for the third paragraph, effective 23 June 2009. For transitional provision relating to choice, see note under s 152-10(1) . The third paragraph formerly read:

You may choose not to apply the concession in section 152-205 (small business 50% reduction) before this one. For an additional concession, see also Subdivision 152-E (small business roll-over).

S 152-300 amended by No 58 of 2006 , s 3 and Sch 7 item 84, by substituting " You may choose not to apply the concession in section 152-205 (small business 50% reduction) " for " The concession in section 152-205 (small business 50% reduction) applies " , effective 22 June 2006.

S 152-300 inserted by No 165 of 1999 (as amended by No 173 of 2000).

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