Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) An individual's CGT retirement exemption limit at a time is $500,000 reduced by the * CGT exempt amounts of * CGT assets specified in choices previously made by or for the individual under this Subdivision.
Note: The $500,000 is also reduced by any reduction under old provisions about reduction of the CGT retirement exemption limit: see item 62 of Schedule 1 to the New Business Tax System (Capital Gains Tax) Act 1999 .
(2) If the individual was one of at least 2 * CGT concession
stakeholders of a company or trust, and the company or trust made a choice for
the individual, only the individual's percentage (see subsection
152 - 315(5)) of the assets' * CGT exempt amounts is taken into account
under subsection (1) for that choice.