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INCOME TAX ASSESSMENT ACT 1997 - SECT 149.10

What is a pre - CGT asset?

    A * CGT asset that an entity owns is a pre - CGT asset if, and only if:

  (a)   the entity last acquired the asset before 20   September 1985; and

  (b)   the entity was not, immediately before the start of the 1998 - 99 income year, taken under:

  (i)   former subsection   160ZZS(1) of the Income Tax Assessment Act 1936 ; or

  (ii)   Subdivision C of Division   20 of former Part   IIIA of that Act;

    to have acquired the asset on or after 20   September 1985; and

  (c)   the asset has not stopped being a pre - CGT asset of the entity because of this Division.

Note:   There are transitional rules for assets that stopped being pre - CGT assets under the Income Tax Assessment Act 1936 : see section   149 - 5 of the Income Tax (Transitional Provisions) Act 1997 .


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