Tax Laws Amendment (2006 Measures No. 7) Act 2007 (55 of 2007)

Schedule 1   Small business relief for CGT events

Income Tax Assessment Act 1997

25   Subparagraphs 152-20(2)(b)(i) and (ii)

Repeal the subparagraphs, substitute:

(i) assets being used solely for the personal use and enjoyment of the individual, or the individual’s *small business CGT affiliate (except a *dwelling, or an *ownership interest in a dwelling, that is the individual’s main residence, including any adjacent land to which the main residence exemption can extend because of section 118-120); and

(ii) except for an amount included under subsection (2A), the *market value of a dwelling, or an ownership interest in a dwelling, that is the individual’s main residence (including any relevant adjacent land); and