INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
(a) immediately before the disposal of the asset concerned, there was only one controlling individual of the taxpayer; and
(b) at any time during the period (the ownership period ) from the later of:
(i) the start of the 1992-93 year of income; and
until immediately before the disposal, the individual was not the controlling individual of the taxpayer;
(ii) the time when the taxpayer acquired the asset;
the asset's CGT exempt amount is reduced by the following amount:
Asset's CGT exempt amount | × |
Part of ownership period when
individual was not controlling individual of the taxpayer Ownership period |
However, if, disregarding subparagraph (1)(b)(i), the asset's CGT exempt amount would be reduced by a lesser amount, the asset's CGT exempt amount is instead reduced by that lesser amount.
160ZZPZK(3) If there are 2 controlling individuals.If, immediately before the disposal, there were 2 controlling individuals of the taxpayer, the asset's CGT exempt amount is reduced by the sum of the amounts, worked out for each controlling individual, using the formula:
Individual's exemption percentage
(see paragraph 160ZZPZI(4)(d)) |
× | Reduction required under subsection
(1) or (2) if the individual were the only controlling individual |
This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.