Income Tax Assessment Act 1997
View history note
Hide history noteSECTION 152-49 Businesses that are winding up 152-49(1)
This section applies to an entity in an income year (the CGT event year ) if:
(a) a *business that the entity previously carried on (including in partnership) is being wound up in that year; and
(b) either:
(i) the asset was used, or held ready for use, in the course of carrying on the business at a time in the income year in which the business stopped being carried on; or
(ii) if the asset is an intangible asset - the asset was inherently connected with the business that was carried on at a time in the income year in which the business stopped being carried on.
152-49(2)
For the purposes of paragraphs 152-40(1)(a) and (b) as they apply for the purposes of paragraphs 152-10(1A)(d) and (1B)(e) :
(a) the entity is taken to carry on the *business at a time in the CGT event year; and
(b) either:
(i) the *CGT asset is taken to be used, or held ready for use, in the course of carrying on the business at that time; or
(ii) if the asset is an intangible asset - the CGT asset is taken to be inherently connected with the business at that time.
Note:
The entity might also be taken to be a small business entity in the CGT event year (see subsection 328-110(5) ).
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