Commonwealth Consolidated Acts
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INCOME TAX ASSESSMENT ACT 1997 - SECT 152.1
What this Division is about
To help small business, if the basic conditions for relief are satisfied,
capital gains can be reduced by the various concessions in this Division.
Those basic conditions are in Subdivision 152-A. Some of the concessions
have additional, specific conditions that must also be satisfied.
The 4 available small business concessions are:
(a) the 15-year exemption (in Subdivision 152-B);
(b) the 50% reduction (in Subdivision 152-C);
(c) the retirement concession (in
(d) the roll-over (in Subdivision 152-E).
A capital gain that qualifies for the 15-year exemption is disregarded
entirely and is not taken into account under the method statement in
subsection 102-5(1). By contrast, the other concessions are only
activated by step 4 of that method statement. This means that you must apply
all available capital losses against your capital gains (under steps 1 and 2)
before you can reduce them using those 3 concessions.
Table of Subdivisions
152-A Basic conditions for relief under this Division
152-B Small business 15-year exemption
152-C Small business 50% reduction
152-D Small business retirement exemption
152-E Small business roll-over
Guide to Subdivision 152-A
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