Document ID: chunk:federal_register_of_legislation:C2007A00055:clause:1_32
Version: federal_register_of_legislation:C2007A00055
Segment Type: clause
Provision Reference: sch 1 cl 32
Character Range: 21995–22801

32  Subsection 152‑40(1)
Repeal the subsection, substitute:

 (1) A *CGT asset is an active asset at a time if, at that time:
 (a) you own the asset (whether the asset is tangible or intangible) and:
 (i) you use it, or hold it ready for use, in the course of carrying on a *business; or
 (ii) it is used, or held ready for use, in the course of carrying on a business by your *small business CGT affiliate, or by another entity that is *connected with you; or
 (b) if the asset is an intangible asset—you own it and it is inherently connected with a business that you, your small business CGT affiliate, or another entity that is connected with you, carries on (for example, goodwill or the benefit of a restrictive covenant).

Note: An intangible asset need satisfy only paragraph (a) or paragraph (b).