Superannuation Legislation Amendment (Simplification) Act 2007 (15 of 2007)

Schedule 2   Small business relief for CGT events

Income Tax Assessment Act 1997

5   Subsection 152-310(2)

Repeal the subsection, substitute:

Additional consequences in relation to company or trust

(2) Any payment or part of one the company or trust makes to comply with section 152-325:

(a) is *exempt income of the *CGT concession stakeholder to whom it is made; and

(b) cannot be deducted from the company's or trust's assessable income.