Superannuation Legislation Amendment (Simplification) Act 2007 (15 of 2007)

Schedule 2   Small business relief for CGT events

Income Tax Assessment Act 1997

3   Paragraph 152-305(1)(b)

Repeal the paragraph, substitute:

(b) if you are under 55 just before you make the choice - you contribute an amount equal to the asset's *CGT exempt amount to a *complying superannuation fund or an *RSA; and

Note: For the non-deductibility of the contribution, see subsection 290-150(4).

(c) the contribution is made:

(i) if the relevant CGT event is CGT event J2, J5 or J6 - when you made the choice; or

(ii) otherwise - at the later of when you made the choice and when you received the proceeds.