Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 152.105

15 - year exemption for individuals

    If you are an individual, you can disregard any * capital gain arising from a * CGT event if all of the following conditions are satisfied:

  (a)   the basic conditions in Subdivision   152 - A are satisfied for the gain;

  (b)   you continuously owned the * CGT asset for the 15 - year period ending just before the CGT event;

Note:   Section   152 - 115 allows for continuation of the period if there is an involuntary disposal of the asset.

  (c)   if the CGT asset is a * share in a company or an interest in a trust--the company or trust had a * significant individual for a total of at least 15 years (even if the 15 years was not continuous and it was not always the same significant individual) during which you owned the CGT asset;

  (d)   either:

  (i)   you are 55 or over at the time of the CGT event and the event happens in connection with your retirement; or

  (ii)   you are permanently incapacitated at the time of the CGT event.


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