Tax Laws Amendment (2004 Measures No. 1) Act 2004 (95 of 2004)

Schedule 3   Small business CGT relief and discretionary trusts

Income Tax Assessment Act 1997

8   Transitional: general

 

(1) In this item and in item 9:

assent day means the day on which this Act receives the Royal Assent.

      

(2) The subsection 152-30(5) of the Income Tax Assessment Act 1997 inserted by this Schedule applies to assessments for the 1999-2000, 2000-01 and 2001-02 income years as if the reference to any of the 4 income years before the income year for which relief is sought for a CGT event under Division 152 of that Act were a reference to the income year for which that relief is sought.

      

(3) The following subitems apply in relation to:

(a) a CGT event that happened before the assent day; and

(b) an entity who becomes eligible to make a choice under Division 152 of the Income Tax Assessment Act 1997 in relation to that event because of this Schedule.

      

(4) Despite subsection 103-25(1) of the Income Tax Assessment Act 1997, any such choice must be made by the entity by the latest of:

(a) the day the entity lodges its income tax return for the income year in which the relevant CGT event happened; and

(b) 12 months after the assent day; and

(c) a later day allowed by the Commissioner of Taxation.

      

(5) The period within which the entity must acquire a replacement asset as mentioned in subsection 152-420(1) or (2) of the Income Tax Assessment Act 1997 ends on the latest of:

(a) 2 years after the happening of the last CGT event in the income year for which the entity obtained the small business roll-over; and

(b) 12 months after the assent day; and

(c) a later day allowed by the Commissioner of Taxation.

      

(6) The period within which a replacement asset the entity acquires must be an active asset as mentioned in subsection 152-420(4) of the Income Tax Assessment Act 1997 (if it is not an active asset when acquired) ends on the latest of:

(a) 2 years after the happening of the last CGT event in the income year for which the entity obtained the small business roll-over; and

(b) 12 months after the assent day; and

(c) a later day allowed by the Commissioner of Taxation.


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