INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIA - CAPITAL GAINS AND CAPITAL LOSSES  

Division 17B - Disposal of small business assets: proceeds used for retirement  

Subdivision E - Definitions  

SECTION 160ZZPZN   CGT RETIREMENT EXEMPTION LIMIT  

160ZZPZN(1)   [Calculating limit]  

An individual's CGT retirement exemption limit at a particular time is the amount worked out as follows:


$500,000 - Total of CGT exempt amounts
specified in previous elections

where:

previous elections means elections under paragraph 160ZZPZD(2)(a) , 160ZZPZH(4)(a) or 160ZZPZI(4)(a) made before the particular time by:


(a) the individual; or


(b) a company or trust whose controlling individual, or one of whose controlling individuals, was the individual.

160ZZPZN(2)   If there are 2 controlling individuals.  

If the individual was one of 2 controlling individuals of a company or trust that made a previous election, only the individual's exemption percentage (see paragraph 160ZZPZI(4)(d) ) of the CGT exempt amount specified in the election is to be taken into account under subsection (1).


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