INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-3 - CAPITAL GAINS AND LOSSES: SPECIAL TOPICS  

Division 152 - Small business relief  

Subdivision 152-D - Small business retirement exemption  

SECTION 152-320   Meaning of CGT retirement exemption limit  

152-320(1)  
An individual ' s CGT retirement exemption limit at a time is $500,000 reduced by the *CGT exempt amounts of *CGT assets specified in choices previously made by or for the individual under this Subdivision.

Note:

The $500,000 is also reduced by any reduction under old provisions about reduction of the CGT retirement exemption limit: see item 62 of Schedule 1 to the New Business Tax System (Capital Gains Tax) Act 1999 .

152-320(2)  


If the individual was one of at least 2 *CGT concession stakeholders of a company or trust, and the company or trust made a choice for the individual, only the individual ' s percentage (see subsection 152-315(5) ) of the assets ' *CGT exempt amounts is taken into account under subsection (1) for that choice.

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