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-D - Small business retirement exemption  

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SECTION 152-320   Meaning of CGT retirement exemption limit  

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152-320(1)    
An individual ' s CGT retirement exemption limit at a time is $500,000 reduced by the *CGT exempt amounts of *CGT assets specified in choices previously made by or for the individual under this Subdivision.

Note:

The $500,000 is also reduced by any reduction under old provisions about reduction of the CGT retirement exemption limit: see item 62 of Schedule 1 to the New Business Tax System (Capital Gains Tax) Act 1999 .

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S 152-320(1) amended by No 56 of 2010, s 3 and Sch 6 item 147, by inserting the note at the end, effective 3 June 2010.

152-320(2)    

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If the individual was one of at least 2 *CGT concession stakeholders of a company or trust, and the company or trust made a choice for the individual, only the individual ' s percentage (see subsection 152-315(5) ) of the assets ' *CGT exempt amounts is taken into account under subsection (1) for that choice.

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S 152-320(2) amended by No 55 of 2007 , s 3 and Sch 1 item 54, by substituting " one of at least 2 " for " one of 2 " , applicable to CGT events happening in the 2006-07 income year or later income years.

S 152-320 inserted by No 165 of 1999 (as amended by No 173 of 2000).

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