Income Tax Assessment Act 1997



Division 149 - When an asset stops being a pre-CGT asset  

Subdivision 149-A - Key concepts  

SECTION 149-10   149-10   What is a pre-CGT asset?  
A *CGT asset that an entity owns is a pre-CGT asset if, and only if:

(a) the entity last acquired the asset before 20 September 1985; and

(b) the entity was not, immediately before the start of the 1998-99 income year, taken under:

(i) former subsection 160ZZS(1) of the Income Tax Assessment Act 1936 ; or

(ii) Subdivision C of Division 20 of former Part IIIA of that Act;
to have acquired the asset on or after 20 September 1985; and

(c) the asset has not stopped being a pre-CGT asset of the entity because of this Division.


There are transitional rules for assets that stopped being pre-CGT assets under the Income Tax Assessment Act 1936 : see section 149-5 of the Income Tax (Transitional Provisions) Act 1997 .


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