Tax Laws Amendment (2009 Measures No. 2) Act 2009 (42 of 2009)

Schedule 2   CGT concessions for small business

Part 2   Other amendments

Income Tax Assessment Act 1997

30   Paragraphs 152-80(1)(a) and (b)

Repeal the paragraphs, substitute:

(a) a *CGT asset:

(i) forms part of the estate of a deceased individual; or

(ii) was owned by joint tenants and one of them dies; and

(b) any of the following applies:

(i) the asset devolves to the individual's *legal personal representative;

(ii) the asset *passes to a beneficiary of the individual;

(iii) an interest in the asset is *acquired by the surviving joint tenant or tenants (as the case may be) as mentioned in section 128-50;

(iv) the asset devolves to a trustee of a trust established by the will of the individual; and

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