Document ID: chunk:federal_register_of_legislation:C2010C00612:clause:1_62
Version: federal_register_of_legislation:C2010C00612
Segment Type: clause
Provision Reference: sch 1 cl 62
Character Range: 65206–65922

62  Transitional—old CGT retirement exemption limit carries over
If an individual's CGT retirement exemption limit was reduced by one or more amounts under:
 (a) section 118‑435 of the Income Tax Assessment Act 1997; or
 (b) section 160ZZPZN of the Income Tax Assessment Act 1936;
or both, then the individual's CGT retirement exemption limit under Subdivision 152‑D of that Act (as inserted by this Schedule) is taken to have been reduced by the total of all those amounts at 11.45 am, by legal time in the Australian Capital Territory, on 21 September 1999.

Note: This could result in the individual's new limit being reduced to nil at that time, if he or she has already used it up under those old provisions.