Income Tax Assessment Act 1997
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View history notePart 3-3 inserted by No 46 of 1998.
Div 152 inserted by No 165 of 1999 (as amended by No 173 of 2000).
To help small business, if the basic conditions for relief are satisfied, capital gains can be reduced by the various concessions in this Division. Those basic conditions are in Subdivision 152-A . Some of the concessions have additional, specific conditions that must also be satisfied.
The 4 available small business concessions are:
A capital gain that qualifies for the 15-year exemption is disregarded entirely and is not taken into account under the method statement in subsection 102-5(1) . By contrast, the other concessions are only activated by step 6 of that method statement. This means that you must apply all available capital losses against your capital gains and quarantined amounts to first reduce your capital gains (under steps 1 to 4) before you can use those 3 concessions to further reduce them.
S 152-1 amended by No 49 of 2026, s 3 and Sch 1 items 76 and 77, by substituting " step 6 " for " step 4 " and all the words after " against your capital gains " , effective 1 July 2026 and applicable in relation to assessments for the income year that includes 1 July 2027 and for later income years. All the words after " against your capital gains " formerly read:
(under steps 1 and 2) before you can reduce them using those 3 concessions.
S 152-1 inserted by No 165 of 1999 (as amended by No 173 of 2000).
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