New Business Tax System (Capital Gains Tax) Act 1999 (165 of 1999)

Schedule 1   Small business relief

Part 3   Application and transitional

61   Application of amendments

The amendments made by this Schedule apply to assessments for the income year including 21 September 1999 and all later income years, but only for CGT events that happen after 11.45 am, by legal time in the Australian Capital Territory, on 21 September 1999.

Note: The 15 year exemption in Subdivision 152-B of the Income Tax Assessment Act 1997, as inserted by this Division, will effectively only apply to CGT events that happen on or after 20 September 2000, since the 15 year exemption is only relevant to CGT assets acquired on or after 20 September 1985.