Document ID: chunk:federal_register_of_legislation:C2010C00612:clause:1_1:p9
Version: federal_register_of_legislation:C2010C00612
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 9/19)
Character Range: 21368–24236

(b) in the case of a company—a spouse of a controlling individual of the company, if the spouse holds the legal and equitable interests in any amount of shares in the company; or
 (c) in the case of a trust mentioned in subsection 152‑55(2)—a spouse of a controlling individual of the trust, if the spouse is beneficially entitled to any of the income or capital of the trust; or
 (d) in the case of a trust mentioned in subsection 152‑55(3)—a spouse of a controlling individual of the trust, if, during the income year referred to in that subsection, the trust made a distribution of income or capital to which the spouse was beneficially entitled.

Subdivision 152‑B—Small business 15‑year exemption

Guide to Subdivision 152‑B

152‑100  What this Subdivision is about

      A small business entity can disregard a capital gain arising from a CGT asset that it has owned for at least 15 years if certain conditions are met. Capital losses are not affected.
      Also, any amount of income a company or trust derives from a CGT event covered by this Subdivision is neither assessable income nor exempt income. If the company or trust makes payments to its CGT concession stakeholders that are attributable to the exempt amount, the payments will not be taken into account in determining the taxable income of the company, trust or recipient.
      The main conditions are that:
                 * the basic conditions for relief in Subdivision 152‑A are satisfied;
                 * the entity continuously owned the asset for the 15‑year period leading up to the CGT event;
                 * if the entity is an individual, the individual retires or is permanently incapacitated;
                 * if the entity is a company or trust, the entity had a controlling individual throughout the period of ownership and the individual who was the controlling individual just before the CGT event retires or is permanently incapacitated.
      The Subdivision also allows time periods to continue to run if there has been a roll‑over because of marriage breakdown or compulsory acquisition.

Table of sections

152‑105 15‑year exemption for individuals
152‑110 15‑year exemption for companies and trusts
152‑115 Continuing time periods for involuntary disposals
152‑120 Discretionary trusts need not have a controlling individual in a loss year
152‑125 Payments to company's or trust's CGT concession stakeholders are exempt

[This is the end of the Guide.]

152‑105  15‑year exemption for individuals

  If you are an individual, you can disregard any *capital gain arising from a *CGT event if all of the following conditions are satisfied:
 (a) the basic conditions in Subdivision 152‑A are satisfied for the gain;
 (b) you continuously owned the *CGT asset for the 15‑year period ending just before the CGT event;

Note: Section 152‑115 allows for continuation