Tax Laws Amendment (2009 Measures No. 2) Act 2009 (42 of 2009)
Schedule 2 CGT concessions for small business
Part 1 Main amendments
Income Tax Assessment Act 1997
8 Paragraphs 152-40(1)(a) and (b)
Repeal the paragraphs, substitute:
(a) you own the asset (whether the asset is tangible or intangible) and it is used, or held ready for use, in the course of carrying on a *business that is carried on (whether alone or in partnership) by:
(i) you; or
(ii) your *affiliate; or
(iii) another entity that is *connected with you; or
(b) if the asset is an intangible asset - you own it and it is inherently connected with a business that is carried on (whether alone or in partnership) by you, your affiliate, or another entity that is connected with you.
© Australian Taxation Office for the Commonwealth of Australia
You are free to copy, adapt, modify, transmit and distribute material on this website as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).