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

Schedule 2   Small business relief for CGT events

Income Tax Assessment Act 1997

9   At the end of section 290-150

Add:

(4) If the contribution is attributable in whole or part to a *capital gain from a *CGT event:

(a) if you disregarded all or part of the capital gain from the CGT event under subsection 152-305(1) and you were under 55 just before you made the choice mentioned in that subsection - you cannot deduct the contribution to the extent that it is attributable to the capital gain; or

(b) if a company or trust disregarded all or part of the capital gain from the CGT event under subsection 152-305(2) and you were under 55 just before the contribution was made - you cannot deduct the contribution to the extent that it is attributable to the capital gain.