Individual exemption

Under section 152-105External Link a person may disregard a capital gain arising from a CGT event if all of the following conditions are satisfied:

  • The basic conditions in Subdivision 152-AExternal Link are met.
  • The person continuously owned the CGT asset for the 15 year period ending just before the CGT event.
  • If the CGT asset is a share in a company or interest in a trust when there was a significant individual for a total of at least 15 years during which the person owned the asset.
  • Either the person
    • is 55 years old or older at the time of the CGT event and the event happened in connection with their retirement
    • was permanently incapacitated at the time of the CGT event.

Section 152-55External Link states that a person is a significant individual in a company or trust if they have a small business participation percentage of at least 20%.

    Last modified: 22 Nov 2013QC 34181