TD 2006/71A2 - Addendum
Income tax: capital gains: small business concessions: is the part of a payment which is a small business 50% reduction amount a non-assessable part under CGT event E4 in section 104-70 of the Income Tax Assessment Act 1997?
Please note that the PDF version is the authorised version of this ruling.View the consolidated version for this notice.
For CGT events happening in the 2007-08 income year or later income years:
- Tax Laws Amendment (Small Business) Act 2007 increased the maximum net asset value test threshold in section 152-15 of the Income Tax Assessment Act 1997 from $5 million to $6 million.
Omit '$5 million'; substitute '$6 million'.
Omit the paragraph; substitute:
4A. The amendments applied to this consolidated Determination apply to CGT events happening in the 2007-08 income year or later income years.
Commissioner of Taxation
31 October 2008