Superannuation Legislation Amendment (Simplification) Act 2007 (15 of 2007)
Schedule 2 Small business relief for CGT events
Income Tax Assessment Act 1997
3 Paragraph 152-305(1)(b)
Repeal the paragraph, substitute:
(b) if you are under 55 just before you make the choice - you contribute an amount equal to the asset's *CGT exempt amount to a *complying superannuation fund or an *RSA; and
Note: For the non-deductibility of the contribution, see subsection 290-150(4).
(c) the contribution is made:
(i) if the relevant CGT event is CGT event J2, J5 or J6 - when you made the choice; or
(ii) otherwise - at the later of when you made the choice and when you received the proceeds.