Tax Laws Amendment (Small Business) Act 2007 (80 of 2007)

Schedule 4   Capital gains tax small business concessions

Part 1   Main amendments

Income Tax Assessment Act 1997

19   After subsection 152-40(1)

Insert:

(1A) The following apply to a *CGT asset that you own if you are an individual:

(a) the asset (whether it is tangible or intangible) is taken to be used, or held ready for use, in the course of carrying on a business by your *affiliate if the asset is used, or held ready for use, in the course of carrying on a business by your *spouse or child under 18 years;

(b) if the asset is an intangible asset - the asset is taken to be inherently connected with a business that your affiliate carries on (for example, goodwill or the benefit of a restrictive covenant) if the asset is inherently connected with a business that your spouse or child under 18 years carries on.