INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-3 - CAPITAL GAINS AND LOSSES: SPECIAL TOPICS  

Division 152 - Small business relief  

Subdivision 152-D - Small business retirement exemption  

SECTION 152-310   Consequences of choice  

Consequences in all cases

152-310(1)  
If the individual, company or trust makes the choice mentioned in section 152-305 for any part of the *capital gain from the *CGT asset, that part of the capital gain equal to its *CGT exempt amount is disregarded. Additional consequences in relation to company or trust

152-310(2)  


Any payment or part of one the company or trust makes to comply with section 152-325 :


(a) is not assessable income, and is not *exempt income, of the *CGT concession stakeholder to whom it is made; and


(b) cannot be deducted from the company ' s or trust ' s assessable income.

Additional consequences in relation to interposed entities

152-310(3)  


If:


(a) an entity (the paying entity ) receives a payment (whether directly or indirectly through one or more interposed entities) that a company or trust makes to comply with section 152-325 ; and


(b) the paying entity passes on the payment to the *CGT concession stakeholder or another interposed entity;

then:


(c) the payment cannot be deducted from the paying entity's assessable income; and


(d) the payment received by the paying entity is not assessable income and is not *exempt income.

152-310(4)  
(Repealed by No 15 of 2007)

152-310(5)  
(Repealed by No 15 of 2007)


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