Document ID: chunk:federal_register_of_legislation:C2025C00029:section:2:p16
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 2 (pt 16/18)
Character Range: 2838661–2841247

of, or is *connected with, the asset owner, take the following to be affiliates of an individual:
 (a) a *spouse of the individual;
 (b) a *child of the individual, being a child who is under 18 years.
 (3) If an entity is an *affiliate of, or *connected with, another entity as a result of subsection (2), then the *spouse or *child mentioned in that subsection is, in addition, taken to be an affiliate of the individual for the purposes of this Subdivision, and for the purposes of sections 328‑110 to 328‑125 to the extent that they relate to this Subdivision.
Example: The spouse or child mentioned in subsection (2) is taken to be an affiliate of the individual for the purposes of working out which entities are affiliates of or connected with entities under section 152‑48.
 (4) To avoid doubt, subsection (2) applies:
 (a) for the purposes of reducing or disregarding, under this Division, any *capital gain from any *CGT asset; but
 (b) only while:
 (i) a *spouse remains a spouse; or
 (ii) a *child remains a child who is under 18 years.

152‑48  Working out an entity's aggregated turnover for passively held CGT assets
 (1) This section applies for the purposes of section 328‑115 to determine whether an entity (the test entity) is a *CGT small business entity for the purposes of subsection 152‑10(1A) or (1B).
 (2) An entity (the deemed entity) is taken to be an *affiliate of, or *connected with, the test entity (as the case requires) if:
 (a) the deemed entity is an affiliate of, or connected with, the entity that owns the *CGT asset referred to in subsection 152‑10(1A) or (1B); and
 (b) the deemed entity is not (apart from this section) an affiliate of, or connected with, the test entity.
Note: Paragraphs (a) and (b)—the meaning of connected with is affected by section 152‑78.
 (3) If:
 (a) the entity that owns the *CGT asset referred to in subsection 152‑10(1B) is a partner in 2 or more partnerships; and
 (b) the asset is:
 (i) used, or held ready for use, in the course of carrying on a *business that is carried on by at least 2 of those partnerships; or
 (ii) inherently connected with businesses that are carried on by at least 2 of those partnerships;
then, each partnership referred to in paragraph (b) that is not (apart from this section) *connected with the test entity is taken to be connected with the test entity.

152‑49  Businesses that are winding up
 (1) This section applies to an entity in an income year (the CGT event year) if:
 (a) a *business that the entity previously carried on (including in partnership) is being wound up in that