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

36   Subsection 152-310(3)

Repeal the subsection, substitute:

Additional consequences in relation to interposed entities

(3) If:

(a) an entity (the paying entity ) receives a payment (whether directly or indirectly through one or more interposed entities) that a company or trust makes to comply with section 152-325; and

(b) the paying entity passes on the payment to the *CGT concession stakeholder or another interposed entity;


(c) the payment cannot be deducted from the paying entity's assessable income; and

(d) the payment received by the paying entity is not assessable income and is not *exempt income.