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.

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