Tax Laws Amendment (2006 Measures No. 7) Act 2007 (55 of 2007)

Schedule 1   Small business relief for CGT events

Income Tax Assessment Act 1997

47   Paragraph 152-305(1)(b)

Omit “if you were under 55 just before you received an amount of *capital proceeds from the *CGT event - an amount equal to the *eligible termination payment mentioned in subsection 152-310(2)”, substitute “if you are under 55 just before you make the choice - an amount equal to the *eligible termination payment mentioned in paragraph 152-310(2)(a)”.