INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
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
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).