Tax Laws Amendment (Small Business) Act 2007 (80 of 2007)

Schedule 4   Capital gains tax small business concessions

Part 1   Main amendments

Income Tax Assessment Act 1997

2   Paragraph 152-5(a)

Repeal the paragraph, substitute:

(a) the entity must be a small business entity or a partner in a partnership that is a small business entity, or the net value of assets that the entity and related entities own must not exceed $6,000,000;