Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-3 - CAPITAL GAINS AND LOSSES: SPECIAL TOPICS  

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History

Part 3-3 inserted by No 46 of 1998.

Division 152 - Small business relief  

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History

Div 152 inserted by No 165 of 1999 (as amended by No 173 of 2000).

Subdivision 152-B - Small business 15-year exemption  

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SECTION 152-105  

152-105   15-year exemption for individuals  

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If you are an individual, you can disregard any *capital gain arising from a *CGT event if all of the following conditions are satisfied:

(a) the basic conditions in Subdivision 152-A are satisfied for the gain;

(b) you continuously owned the *CGT asset for the 15-year period ending just before the CGT event;

Note:

Section 152-115 allows for continuation of the period if there is an involuntary disposal of the asset.

(c) if the CGT asset is a *share in a company or an interest in a trust - the company or trust had a *significant individual for a total of at least 15 years (even if the 15 years was not continuous and it was not always the same significant individual) during which you owned the CGT asset;

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(d) either:

(i) you are 55 or over at the time of the CGT event and the event happens in connection with your retirement; or

(ii) you are permanently incapacitated at the time of the CGT event.

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History

S 152-105 amended by No 12 of 2012, s 3 and Sch 6 item 113, by omitting the note at the end of para (c), applicable in relation to CGT events that happen on or after 22 March 2012. The note formerly read:

Note:

There is an exception for discretionary trusts that have tax losses or no taxable income for an income year: see section 152-120 .

S 152-105 amended by No 55 of 2007 , s 3 and Sch 1 item 41, by substituting para (c), applicable to CGT events happening in the 2006-07 income year or later income years. Para (c) formerly read:

(c) if the CGT asset is a *share in a company or an interest in a trust - at all times during the whole period for which you owned the CGT asset, the company or trust had a *controlling individual (even if it was not the same controlling individual during the whole period);

Note:

There is an exception for discretionary trusts that have tax losses in an income year: see section 152-120 .

S 152-105 inserted by No 165 of 1999 (as amended by No 173 of 2000).

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