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

3   Paragraph 152-10(1)(c)

Repeal the paragraph, substitute:

(c) at least one of the following applies:

(i) you are a *small business entity for the income year;

(ii) you satisfy the maximum net asset value test (see section 152-15);

(iii) you are a partner in a partnership that is a small business entity for the income year and the CGT asset is an asset of the partnership;

Note: For the meaning of small business entity , see Subdivision 328-C.