Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p3
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 3/29)
Character Range: 2851586–2854328

a deceased individual; or
 (ii) was owned by joint tenants and one of them dies; and
 (b) any of the following applies:
 (i) the asset devolves to the individual's *legal personal representative;
 (ii) the asset *passes to a beneficiary of the individual;
 (iii) an interest in the asset is *acquired by the surviving joint tenant or tenants (as the case may be) as mentioned in section 128‑50;
 (iv) the asset devolves to a trustee of a trust established by the will of the individual; and
 (c) the deceased individual referred to in subparagraph (a)(i) or (ii) would have been entitled to reduce or disregard a *capital gain under this Division if a *CGT event had happened in relation to the CGT asset immediately before his or her death; and
 (d) a CGT event happens in relation to the CGT asset within 2 years of the individual's death.
 (2) A person mentioned in subsection (2A) is entitled to reduce or disregard a *capital gain under this Division in the same way as the deceased individual would have been entitled to as if:
 (a) paragraph 152‑105(d) only required the deceased individual to have been 55 or over, or permanently incapacitated, at the time of the *CGT event referred to in paragraph (1)(c) of this section; and
 (b) paragraph 152‑305(1)(b) did not apply.
 (2A) The following persons (as the case requires) are entitled to reduce or disregard a *capital gain under this Division in accordance with subsection (2):
 (a) the *legal personal representative of the individual;
 (b) the beneficiary of the individual;
 (c) the surviving joint tenant or tenants;
 (d) the trustee or a beneficiary of the trust.
 (3) The Commissioner may extend the time limit in paragraph (1)(d).

Subdivision 152‑B—Small business 15‑year exemption

Guide to Subdivision 152‑B

152‑100  What this Subdivision is about

      A CGT small business entity can disregard a capital gain arising from a CGT asset that it has owned for at least 15 years if certain conditions are met. Capital losses are not affected.
      Also, any amount of income a company or trust derives from a CGT event covered by this Subdivision is neither assessable income nor exempt income. If the company or trust makes payments to its CGT concession stakeholders that are attributable to the exempt amount, the payments will not be taken into account in determining the taxable income of the company, trust or recipient.
      The main conditions are that:
         • the basic conditions for relief in Subdivision 152‑A are satisfied;
         • the entity continuously owned the asset for the 15‑year period leading up to the CGT event;
         • if the entity is an individual, the individual retires or is permanently incapacitated;
         • if the entity is