Document ID: chunk:federal_register_of_legislation:C2010C00612:clause:1_1:p3
Version: federal_register_of_legislation:C2010C00612
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 3/19)
Character Range: 7277–9817

exceed $5,000,000:
 (i) the *net value of the CGT assets of yours;
 (ii) the net value of the CGT assets of any entities *connected with you;
 (iii) the net value of the CGT assets of any *small business CGT affiliates of yours or entities connected with your small business CGT affiliates; and

Note: Some assets aren't included in the definition of net value of the CGT assets: see subsections 152‑20(2) and (3).
 (b) if you are a partner in a partnership and the CGT event happens in relation to a *CGT asset of the partnership—the net value of the CGT assets of the partnership does not exceed $5,000,000.

152‑20  Meaning of net value of the CGT assets

 (1) The net value of the CGT assets of an entity is the amount (if any) by which the sum of the market values of those assets exceeds the sum of the liabilities of the entity that are related to the assets.

 (2) In working out the net value of the CGT assets of an entity:
 (a) disregard *shares, units or other interests (except debt) in another entity that is *connected with the first‑mentioned entity or with a *small business CGT affiliate of the first‑mentioned entity; and
 (b) if the entity is an individual, disregard:
 (i) assets being used solely for the personal use and enjoyment of the entity, or the entity's *small business CGT affiliate; and
 (ii) a *dwelling of the individual, or an *ownership interest in such a dwelling, if the individual uses the dwelling to produce assessable income to any extent but does not satisfy paragraph 118‑190(1)(c) (about deductibility of interest); and
 (iii) a right to, or to any part of, any allowance, annuity or capital amount payable out of a *superannuation fund or an *approved deposit fund; and
 (iv) a right to, or to any part of, an asset of a superannuation fund or of an approved deposit fund; and
 (v) a *life insurance policy.

 (3) In working out the net value of the CGT assets of an entity that is your *small business CGT affiliate, disregard assets of that entity that are not used, or held ready for use, in carrying on a *business that you, or an entity *connected with you, carry on (whether alone or jointly with others).

152‑25  Meaning of small business CGT affiliate

 (1) A person is a small business CGT affiliate of yours if:
 (a) you are an individual and the person is your spouse or child under 18 years; or
 (b) the person acts, or could reasonably be expected to act, in accordance with your directions or wishes, or in concert with you.

 (2) Another partner in a partnership in which you