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INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-3 - CAPITAL GAINS AND LOSSES: SPECIAL TOPICS  

Division 152 - Small business relief    View history reference

Subdivision 152-A - Basic conditions for relief under this Division    View history reference

Maximum net asset value test

SECTION 152-15  

152-15  Maximum net asset value test  

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You satisfy the maximum net asset value test if, just before the *CGT event, the sum of the following amounts does not exceed $6,000,000:


(a) the *net value of the CGT assets of yours;
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(b) the net value of the CGT assets of any entities *connected with you;


(c) the net value of the CGT assets of any *affiliates of yours or entities connected with your affiliates (not counting any assets already counted under paragraph (b)).
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Note 1:

Some assets are not included in the definition of net value of the CGT assets: see subsections 152-20(2), (3) and (4).

Note 2:

The meaning of connected with is affected by section 152-78.


 



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