Income Tax Assessment Act 1997
This section applies for the purposes of section 328-115 to determine whether an entity (the test entity ) is a *CGT small business entity for the purposes of subsection 152-10(1A) or (1B) .
An entity (the deemed entity ) is taken to be an *affiliate of, or *connected with, the test entity (as the case requires) if:
(a) the deemed entity is an affiliate of, or connected with, the entity that owns the *CGT asset referred to in subsection 152-10(1A) or (1B) ; and
(b) the deemed entity is not (apart from this section) an affiliate of, or connected with, the test entity.
Paragraphs (a) and (b) - the meaning of connected with is affected by section 152-78 .
(a) the entity that owns the *CGT asset referred to in subsection 152-10(1B) is a partner in 2 or more partnerships; and
(b) the asset is:
(i) used, or held ready for use, in the course of carrying on a *business that is carried on by at least 2 of those partnerships; or
(ii) inherently connected with businesses that are carried on by at least 2 of those partnerships;
then, each partnership referred to in paragraph (b) that is not (apart from this section) *connected with the test entity is taken to be connected with the test entity.
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