Document ID: chunk:federal_register_of_legislation:C2010C00612:clause:1_1:p8
Version: federal_register_of_legislation:C2010C00612
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 8/19)
Character Range: 18971–21574

acquired the asset when the transferor acquired the asset; and
 (b) the asset had been an *active asset of yours at all times when the asset was an active asset of the transferor; and
 (c) the asset had not been an active asset of yours at all times when the asset was not an active asset of the transferor.

Note 1: Section 103‑25 tells you when the choice must be made.

Note 2: There is a roll‑over under Subdivision 126‑A if CGT assets are transferred because of a marriage breakdown.

Note 3: If you don't make the choice, the time of acquisition is simply the time of the transfer.

Note 4: Making the choice here has certain consequences for the 15‑year exemption: see section 152‑115.

Controlling individual test

152‑50  Controlling individual test

  An entity satisfies the controlling individual test if the entity had at least one *controlling individual just before the *CGT event.

152‑55  Meaning of controlling individual

Companies

 (1) An individual is a controlling individual of a company at a time if, at that time, the individual holds the legal and equitable interests in *shares, other than *redeemable shares, that carry (between them) the right to exercise at least 50% of the voting power in the company and receive at least 50% of any *dividend the company may pay and of any distribution of capital the company may make.

Trusts

 (2) An individual is a controlling individual of a trust (where entities have entitlements to all the income and capital of the trust) at a time if, at that time, the individual is beneficially entitled to at least 50% of the income and capital of the trust.

 (3) An individual is a controlling individual of a trust (where entities do not have entitlements to all the income and capital of the trust) at a time if, during the income year in which the time occurs:
 (a) the trust made a distribution of income or capital, or both; and
 (b) the individual was beneficially entitled to at least 50% of the total of the distributions of income made by the trust during the income year; and
 (c) the individual was beneficially entitled to at least 50% of the total of the distributions of capital made by the trust during the income year.

CGT concession stakeholder

152‑60  Meaning of CGT concession stakeholder

CGT concession stakeholder of a company or trust means:
 (a) a *controlling individual of the company or trust; or
 (b) in the case of a company—a spouse of a controlling individual of the company, if the spouse holds the legal and equitable interests in any amount of shares in the company; or
 (c) in the case of a trust