Income Tax Assessment Act 1997
CGT event J6 happens if you choose a small business roll-over under Subdivision 152-E for a *CGT event that happens in relation to a *CGT asset in an income year and:
(a) by the end of the *replacement asset period, you have done either or both of the following:
(i) *acquired a replacement asset (the replacement asset );
(ii) incurred *fourth element expenditure in relation to a CGT asset (also the replacement asset ); and
(b) at the end of the replacement asset period, the replacement asset is your *active asset; and
(c) if the replacement asset is a *share in a company or an interest in a trust, at the end of the replacement asset period:
(i) you, or an entity *connected with you, are a *CGT concession stakeholder in the company or trust; or
(ii) CGT concession stakeholders in the company or trust have a *small business participation percentage in you of at least 90%; and
(d) the total (the amount incurred ) of the following, in relation to each replacement asset that satisfied paragraph (b) and, if applicable, paragraph (c), is less than the amount of the capital gain that you disregarded:
(i) the first element of the *cost base;
(ii) the *incidental costs you incurred (which can include giving property, see section 103-5 );
(iii) the amount of fourth element expenditure incurred.
The time of the event is at the end of the *replacement asset period.
You make a capital gain equal to the difference between:
(a) the amount of the *capital gain that you disregarded under Subdivision 152-E ; and
(b) the amount incurred. 104-198(4)
The *replacement asset period may be modified or extended as mentioned in section 104-190 .
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