Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 152.35

Active asset test

             (1)  A * CGT asset satisfies the active asset test if:

                     (a)  you have owned the asset for 15 years or less and the asset was an * active asset of yours for a total of at least half of the period specified in subsection (2); or

                     (b)  you have owned the asset for more than 15 years and the asset was an active asset of yours for a total of at least 7 1 / 2 years during the period specified in subsection (2).

             (2)  The period:

                     (a)  begins when you * acquired the asset; and

                     (b)  ends at the earlier of:

                              (i)  the * CGT event; and

                             (ii)  if the relevant business ceased to be carried on in the 12 months before that time or any longer period that the Commissioner allows--the cessation of the business.



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