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    Individual exemption

    Under section 152-105External Link a person may disregard a capital gain arising from a CGT event if all of the following conditions are satisfied:

    • The basic conditions in Subdivision 152-AExternal Link are met.
    • The person continuously owned the CGT asset for the 15 year period ending just before the CGT event.
    • If the CGT asset is a share in a company or interest in a trust when there was a significant individual for a total of at least 15 years during which the person owned the asset.
    • Either the person
      • is 55 years old or older at the time of the CGT event and the event happened in connection with their retirement
      • was permanently incapacitated at the time of the CGT event.
       

    Section 152-55External Link states that a person is a significant individual in a company or trust if they have a small business participation percentage of at least 20%.

      Last modified: 22 Nov 2013QC 34181