Document ID: chunk:federal_register_of_legislation:C2010C00612:clause:1_1:p13
Version: federal_register_of_legislation:C2010C00612
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 13/19)
Character Range: 31494–34341

both.

 (2) If it qualifies for both of those concessions, you may choose which order to apply them in.

152‑215  15‑year rule has priority

  This Subdivision and Subdivisions 152‑D and 152‑E do not apply to a *capital gain to which Subdivision 152‑B (15‑year exemption) applies.

Note: Under that Subdivision, such a gain is entirely disregarded, so there is no need for any further concession to apply.

Subdivision 152‑D—Small business retirement exemption

Guide to Subdivision 152‑D

152‑300  What this Subdivision is about

      You can choose to disregard a capital gain from a CGT event happening to a CGT asset of your small business if the capital proceeds from the event are used in connection with your retirement.
      There is a lifetime limit of $500,000 for all choices that can be made in respect of an individual under this Subdivision.
      The concession in section 152‑205 (small business 50% reduction) applies before this one. For an additional concession, see also Subdivision 152‑E (small business roll‑over).

Table of sections

152‑305 Choosing the exemption
152‑310 Consequences of choice
152‑315 Choosing the amount to disregard
152‑320 Meaning of CGT retirement exemption limit
152‑325 Company or trust conditions

[This is the end of the Guide.]

152‑305  Choosing the exemption

Individual

 (1) If you are an individual, you can choose to disregard all or part of a *capital gain if:
 (a) the basic conditions in Subdivision 152‑A are satisfied for the gain; and
 (b) if you were under 55 just before you received an amount of *capital proceeds from the *CGT event (disregarding section 103‑10)—an amount equal to the *eligible termination payment mentioned in subsection 152‑310(2) is rolled over (within the meaning of Subdivision AA of Division 2 of Part III of the Income Tax Assessment Act 1936) except by being paid as mentioned in paragraph 27A(12)(c) of that Act.

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

Note 2: Paragraph 27A(12)(c) of the Income Tax Assessment Act 1936 deals with payments to life companies or registered organisations to purchase certain annuities.

Company or trust

 (2) A company or a trust (except a public entity—see subsection (3)) can also choose to disregard such an amount if:
 (a) the basic conditions in Subdivision 152‑A are satisfied for the *capital gain; and
 (b) the entity satisfies the controlling individual test (see section 152‑50); and
 (c) the company or trust conditions in section 152‑325 are satisfied.

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

 (3) Public entities (within the meaning of subsection 152‑30(6)) cannot make the choice.

152‑310  Consequences of choice

Consequences in all cases

 (1) If the individual, company or trust makes the choice mentioned in section 152‑305 for any part of the