Document ID: chunk:federal_register_of_legislation:C2010C00612:clause:1_1:p10
Version: federal_register_of_legislation:C2010C00612
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 10/19)
Character Range: 23975–26670

the following conditions are satisfied:
 (a) the basic conditions in Subdivision 152‑A are satisfied for the gain;
 (b) you continuously owned the *CGT asset for the 15‑year period ending just before the CGT event;

Note: Section 152‑115 allows for continuation of the period if there is an involuntary disposal of the asset.
 (c) if the CGT asset is a *share in a company or an interest in a trust—at all times during the whole period for which you owned the CGT asset, the company or trust had a *controlling individual (even if it was not the same controlling individual during the whole period);

Note: There is an exception for discretionary trusts that have tax losses in an income year: see section 152‑120.
 (d) either:
 (i) you are 55 or over at the time of the CGT event and the event happens in connection with your retirement; or
 (ii) you are permanently incapacitated at the time of the CGT event.

152‑110  15‑year exemption for companies and trusts

 (1) An entity that is a company or trust can disregard any *capital gain arising from a *CGT event if all of the following conditions are satisfied:
 (a) the basic conditions in Subdivision 152‑A are satisfied for the gain;
 (b) the entity continuously owned the *CGT asset for the 15‑year period ending just before the CGT event;

Note: Section 152‑115 allows for continuation of the period if there is an involuntary disposal of the asset.
 (c) at all times during the whole period for which the entity owned the asset, the entity had a *controlling individual (even if it was not the same controlling individual during the whole period);

Note: There is an exception for discretionary trusts that have tax losses in an income year: see section 152‑120.
 (d) an individual who was a controlling individual of the company or trust just before the CGT event either:
 (i) was 55 or over at that time and the event happened in connection with the individual's retirement; or
 (ii) was permanently incapacitated at that time.

 (2) Any income the company or trust *derives from a *CGT event that would be covered by subsection (1) (assuming the event gave rise to a *capital gain, even if it didn't) is neither assessable income nor *exempt income.

152‑115  Continuing time periods for involuntary disposals

Compulsory acquisitions

 (1) If a *CGT asset is an asset (the new asset) you acquired to satisfy the requirement in subsection 124‑70(2) or 124‑75(2) for a roll‑over under Subdivision 124‑B, then paragraphs 152‑105(b) and 152‑110(1)(b) and (c) (the 15‑year and controlling individual rules) apply as if you had acquired the new asset when you acquired the original asset.

Note: Subdivision 124‑B allows you to choose