INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
PART IIIA
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CAPITAL GAINS AND CAPITAL LOSSES
Division 17B
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Disposal of small business assets: proceeds used for retirement
Subdivision A
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Introduction
SECTION 160ZZPZA
WHAT THIS DIVISION IS ABOUT
View history note
Hide history noteBroadly, a capital gain accruing on the disposal of an asset by a small business is exempt from tax under this Part, if the proceeds of the disposal are used in connection with the retirement of an individual, or 2 individuals, who control that business. The amount of the gain will be treated as a special kind of eligible termination payment made to the individuals.
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