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

41   Paragraph 152-105(c)

Repeal the paragraph (including the note), substitute:

(c) if the CGT asset is a *share in a company or an interest in a trust - the company or trust had a *significant individual for a total of at least 15 years (even if the 15 years was not continuous and it was not always the same significant individual) during which you owned the CGT asset;

Note: There is an exception for discretionary trusts that have tax losses or no taxable income for an income year: see section 152-120.