Income Tax Assessment Act 1997
CHAPTER 3
-
SPECIALIST LIABILITY RULES
PART 3-3
-
CAPITAL GAINS AND LOSSES: SPECIAL TOPICS
You satisfy the maximum net asset value test if, just before the *CGT event, the sum of the following amounts does not exceed $6,000,000:
(a) the *net value of the CGT assets of yours;
(b) the net value of the CGT assets of any entities *connected with you;
(c) the net value of the CGT assets of any *affiliates of yours or entities connected with your affiliates (not counting any assets already counted under paragraph (b)).
Division 152
-
Small business relief
Subdivision 152-A
-
Basic conditions for relief under this Division
Maximum net asset value test
SECTION 152-15
152-15
Maximum net asset value test
You satisfy the maximum net asset value test if, just before the *CGT event, the sum of the following amounts does not exceed $6,000,000:
(a) the *net value of the CGT assets of yours;
(b) the net value of the CGT assets of any entities *connected with you;
(c) the net value of the CGT assets of any *affiliates of yours or entities connected with your affiliates (not counting any assets already counted under paragraph (b)).
Note 1:
Some assets are not included in the definition of net value of the CGT assets : see subsections 152-20(2) , (3) and (4) .
Note 2:
The meaning of connected with is affected by section 152-78 .
This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.