Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p5
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 5/29)
Character Range: 2856546–2859319

15 years was not continuous and it was not always the same significant individual) during which the entity owned the CGT asset;
 (d) an individual who was a significant 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.
 (1A) For the purposes of paragraphs (1)(b) and (c), disregard subsection 149‑30(1A) (which applies if an asset stops being a pre‑CGT asset).
 (2) Any *ordinary income or *statutory 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.

Exception
 (3) However, subsection (2) does not apply to income *derived by a company or trust as a result of a *balancing adjustment event occurring to a *depreciating asset:
 (a) whose decline in value is worked out under Division 40; or
 (b) deductions for which are calculated under Division 328.

152‑115  Continuing time periods for involuntary disposals

Asset compulsorily acquired, lost or destroyed
 (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 significant 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 a roll‑over if your CGT asset is compulsorily acquired, lost or destroyed.

Assets replaced during FSR transition (same owner roll‑overs)
 (1A) If a *CGT asset is an asset (the new asset) you acquired in a situation covered by former section 124‑880, 124‑885 or 124‑890, then paragraphs 152‑105(b) and 152‑110(1)(b) and (c) (the 15‑year and significant individual rules) apply as if you had acquired the new asset when you acquired the original asset.
Note: Former Subdivision 124‑O provided a roll‑over for certain CGT assets that came to an end as a result of an FSR transition.

Asset replaced during FSR transition (new owner roll‑overs)
 (1B) If a *CGT asset is an asset (the new asset) acquired in a situation covered by former section 124‑900, 124‑905 or 124‑910, then paragraphs 152‑105(b) and 152‑110(1)(b) and (c) (the 15‑year and significant individual rules) apply as if the new owner had acquired the new asset when the original owner acquired the original asset.
Note: Former Subdivision 124‑O provided a roll‑over for certain CGT assets that came to an end as a result of an FSR transition.

Marriage or relationship breakdowns
 (2) If you made the choice mentioned