Document ID: chunk:federal_register_of_legislation:C2018A00124:clause:2_1
Version: federal_register_of_legislation:C2018A00124
Segment Type: clause
Provision Reference: sch 2 cl 1
Character Range: 4830–6013

1  Section 152‑5
Omit:

      The 3 major basic conditions are:
             (a) the entity must be a CGT small business entity or a partner in a partnership that is a CGT small business entity, or the net value of assets that the entity and related entities own must not exceed $6,000,000;
             (b) the CGT asset must be an active asset;
             (c) if the asset is a share or interest in a trust, there must be a CGT concession stakeholder just before the CGT event, and the entity claiming the concession must be a CGT concession stakeholder in the company or trust or CGT concession stakeholders in the company or trust must have a small business participation percentage in the entity of at least 90%.
substitute:

      The 2 major basic conditions are:
             (a) the entity must be a CGT small business entity or a partner in a partnership that is a CGT small business entity, or the net value of assets that the entity and related entities own must not exceed $6,000,000; and
             (b) the CGT asset must be an active asset.
      Additional basic conditions must be satisfied if the CGT asset is a share in a company or an interest in a trust.