Tax Laws Amendment (2009 Measures No. 2) Act 2009 (42 of 2009)

Schedule 2   CGT concessions for small business

Part 2   Other amendments

Income Tax Assessment Act 1997

32   Subsection 152-80(2)

Repeal the subsection, substitute:

(2) A person mentioned in subsection (2A) is entitled to reduce or disregard a *capital gain under this Division in the same way as the deceased individual would have been entitled to as if:

(a) paragraph 152-105(d) only required the deceased individual to have been 55 or over, or permanently incapacitated, at the time of the *CGT event referred to in paragraph (1)(c) of this section; and

(b) paragraph 152-305(1)(b) did not apply.

(2A) The following persons (as the case requires) are entitled to reduce or disregard a *capital gain under this Division in accordance with subsection (2):

(a) the *legal personal representative of the individual;

(b) the beneficiary of the individual;

(c) the surviving joint tenant or tenants;

(d) the trustee or a beneficiary of the trust.