INCOME TAX ASSESSMENT ACT 1997
A CGT small business entity can disregard a capital gain arising from a CGT asset that it has owned for at least 15 years if certain conditions are met. Capital losses are not affected.
Also, any amount of income a company or trust derives from a CGT event covered by this Subdivision is neither assessable income nor exempt income. If the company or trust makes payments to its CGT concession stakeholders that are attributable to the exempt amount, the payments will not be taken into account in determining the taxable income of the company, trust or recipient.
The main conditions are that:
The Subdivision also allows time periods to continue to run if there has been a roll-over because of marriage or relationship breakdown or compulsory acquisition.