INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
For a taxpayer who is an individual (carrying on business as a sole trader or as a partner in a partnership) to get an exemption, and for the other consequences set out in this Division to apply, the conditions in Subdivision B must be satisfied.160ZZPZB(2) Companies and trusts.
For a taxpayer that is a private company or trust to get an exemption, and for the other consequences set out in this Division to apply, the conditions in Subdivision C must be satisfied.160ZZPZB(3) Lifetime exemption limit.
There is a lifetime limit of $500,000 on the total of amounts that may be exempt in relation to a particular individual under this Division (see section 160ZZPZN ). The single limit applies to all exempt amounts involving the individual, whether under Subdivision B or C.160ZZPZB(4) Previous years' net capital losses.
An exemption under this Division is not available to the extent that the taxpayer has net capital losses from previous years of income available to set off against the capital gain (see Subdivision D).160ZZPZB(5) Definitions.
Definitions of various expressions used in the Division are in Subdivision E.