INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-3 - CAPITAL GAINS AND LOSSES: SPECIAL TOPICS  

Division 152 - Small business relief  

Subdivision 152-B - Small business 15-year exemption  

SECTION 152-105   152-105   15-year exemption for individuals  


If you are an individual, you can disregard any *capital gain arising from a *CGT event if all of the following conditions are satisfied:


(a) the basic conditions in Subdivision 152-A are satisfied for the gain;


(b) you continuously owned the *CGT asset for the 15-year period ending just before the CGT event;

Note:

Section 152-115 allows for continuation of the period if there is an involuntary disposal of the asset.


(c) if the CGT asset is a *share in a company or an interest in a trust - the company or trust had a *significant individual for a total of at least 15 years (even if the 15 years was not continuous and it was not always the same significant individual) during which you owned the CGT asset;


(d) either:


(i) you are 55 or over at the time of the CGT event and the event happens in connection with your retirement; or

(ii) you are permanently incapacitated at the time of the CGT event.

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