Income Tax Assessment Act 1997
CHAPTER 3
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SPECIALIST LIABILITY RULES
PART 3-3
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CAPITAL GAINS AND LOSSES: SPECIAL TOPICS
An individual ' s CGT retirement exemption limit at a time is $500,000 reduced by the *CGT exempt amounts of *CGT assets specified in choices previously made by or for the individual under this Subdivision.
If the individual was one of at least 2 *CGT concession stakeholders of a company or trust, and the company or trust made a choice for the individual, only the individual ' s percentage (see subsection 152-315(5) ) of the assets ' *CGT exempt amounts is taken into account under subsection (1) for that choice.
Division 152
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Small business relief
Subdivision 152-D
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Small business retirement exemption
SECTION 152-320
Meaning of
CGT retirement exemption limit
152-320(1)
An individual ' s CGT retirement exemption limit at a time is $500,000 reduced by the *CGT exempt amounts of *CGT assets specified in choices previously made by or for the individual under this Subdivision.
Note:
The $500,000 is also reduced by any reduction under old provisions about reduction of the CGT retirement exemption limit: see item 62 of Schedule 1 to the New Business Tax System (Capital Gains Tax) Act 1999 .
152-320(2)
If the individual was one of at least 2 *CGT concession stakeholders of a company or trust, and the company or trust made a choice for the individual, only the individual ' s percentage (see subsection 152-315(5) ) of the assets ' *CGT exempt amounts is taken into account under subsection (1) for that choice.
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