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INCOME TAX ASSESSMENT ACT 1997 - SECT 152.48

Working out an entity's aggregated turnover for passively held CGT assets

  (1)   This section applies for the purposes of section   328 - 115 to determine whether an entity (the test entity ) is a * CGT small business entity for the purposes of subsection   152 - 10(1A) or (1B).

  (2)   An entity (the deemed entity ) is taken to be an * affiliate of, or * connected with, the test entity (as the case requires) if:

  (a)   the deemed entity is an affiliate of, or connected with, the entity that owns the * CGT asset referred to in subsection   152 - 10(1A) or (1B); and

  (b)   the deemed entity is not (apart from this section) an affiliate of, or connected with, the test entity.

Note:   Paragraphs   (a) and (b)--the meaning of connected with is affected by section   152 - 78.

  (3)   If:

  (a)   the entity that owns the * CGT asset referred to in subsection   152 - 10(1B) is a partner in 2 or more partnerships; and

  (b)   the asset is:

  (i)   used, or held ready for use, in the course of carrying on a * business that is carried on by at least 2 of those partnerships; or

  (ii)   inherently connected with businesses that are carried on by at least 2 of those partnerships;

then, each partnership referred to in paragraph   (b) that is not (apart from this section) * connected with the test entity is taken to be connected with the test entity.



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