Document ID: chunk:federal_register_of_legislation:C2004C00958:clause:1_2
Version: federal_register_of_legislation:C2004C00958
Segment Type: clause
Provision Reference: sch 1 cl 2
Character Range: 327642–329247

2                                           The partners *dispose of their interests in all the assets of a business                            (a) a *collectable or a *personal use asset; or

                                                                                                                                                (b) a decoration awarded for valour or brave conduct (except if a partner paid money or gave any other property for it); or

                                                                                                                                                (c) an asset that becomes *trading stock of the company just after the disposal or creation (unless it was trading stock of the partnership when it was disposed of)

 (4) If:

 (a) the *CGT asset or any of the assets of the *business is a right, option or *convertible note; and

 (b) the company *acquires another CGT asset by exercising the right or option or by converting the convertible note;

the other asset cannot become *trading stock of the company just after the company acquired it.

 (5) The *ordinary income and *statutory income of the company must not be exempt from income tax because of Division 50 for the income year of the trigger event.

 (6) For a partner who is not a trustee of a trust, the requirements in one of the items in this table must be satisfied:

Additional requirement
                        Partner's residency status                                   The company's residency status                               This requirement must be satisfied
Item