Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES

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

View history note

Division 152 - Small business relief

View history reference

View history note

Subdivision 152-A - Basic conditions for relief under this Division

View history reference

Maximum net asset value test

SECTION 152-15

152-15 Maximum net asset value test

View history reference

You satisfy the maximum net asset value test if, just before the *CGT event, the sum of the following amounts does not exceed $6,000,000:

(a) the *net value of the CGT assets of yours;

View history reference

(b) the net value of the CGT assets of any entities *connected with you;

(c) the net value of the CGT assets of any *affiliates of yours or entities connected with your affiliates (not counting any assets already counted under paragraph (b)).

View history reference

Note 1:

Some assets are not included in the definition of net value of the CGT assets : see subsections 152-20(2) , (3) and (4) .

Note 2:

The meaning of connected with is affected by section 152-78 .

View history note

History

S 152-15 amended by No 41 of 2011, s 3 and Sch 5 items 94 and 95, by renumbering the note as note 1 and inserting note 2, effective 27 June 2011.

S 152-15 amended by No 80 of 2007 , s 3 and Sch 4 items 4 to 6, by substituting " $6,000,000 " for " $5,000,000 " , substituting " *affiliates " for " *small business CGT affiliates " in para (c) and substituting " affiliates " for " small business CGT affiliates " in para (c), applicable to CGT events happening in the 2007-08 income year and later income years.

S 152-15 substituted by No 55 of 2007 , s 3 and Sch 1 item 22, applicable to CGT events happening in the 2006-07 income year or later income years. S 152-15 formerly read:

SECTION 152-15 Maximum net asset value test
152-15
You satisfy the maximum net asset value test if, just before the *CGT event:

(a) the sum of the following amounts does not exceed $5,000,000:

(i) the *net value of the CGT assets of yours;

(ii) the net value of the CGT assets of any entities *connected with you;

(iii) the net value of the CGT assets of any *small business CGT affiliates of yours or entities connected with your small business CGT affiliates (not counting any assets already counted under subparagraph (ii)); and

Note:

Some assets aren ' t included in the definition of net value of the CGT assets : see subsections 152-20(2) and (3).

(b) if you are a partner in a partnership and the CGT event happens in relation to a *CGT asset of the partnership - the net value of the CGT assets of the partnership does not exceed $5,000,000.

S 152-15 amended by No 173 of 2000.

S 152-15 inserted by No 165 of 1999 (as amended by No 173 of 2000).

Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.