Document ID: chunk:federal_register_of_legislation:C2007A00055:clause:1_31
Version: federal_register_of_legislation:C2007A00055
Segment Type: clause
Provision Reference: sch 1 cl 31
Character Range: 21224–21995

31  Section 152‑35
Repeal the section, substitute:

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 71/2 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.