Income Tax Assessment Act 1997
This Subdivision tells you how to apply the small business CGT concessions mentioned in step 4 of the method statement in subsection 102-5(1) .
A capital gain is reduced by 50% if the basic conditions in Subdivision 152-A are satisfied.
If the capital gain has already been reduced by the discount percentage, the 50% reduction under this Subdivision applies to that reduced gain.
The capital gain may be further reduced by the small business retirement exemption or a small business rollover, or both.
Alternatively, you may choose not to apply the 50% reduction and instead apply the small business retirement exemption or small business rollover.
None of these rules apply if the 15-year exemption already applies to the capital gain, since such a gain is disregarded anyway.