Income Tax Assessment Act 1997
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
to have acquired the asset on or after 20 September 1985; and
(ii) Subdivision C of Division 20 of former Part IIIA of that Act;
(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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