Document ID: chunk:federal_register_of_legislation:C2004C00958:clause:1_2:p5
Version: federal_register_of_legislation:C2004C00958
Segment Type: clause
Provision Reference: sch 1 cl 2 (pt 5/5)
Character Range: 286839–288630

one of a series of trusts that includes the first trust; and

 (ii) each trust in the series (also the first trust) is linked to at least one other trust in the series in that an entity that benefits or is capable of benefiting under the first trust benefits or is capable of benefiting under the other trust.

118‑255  Exception

  Section 118‑250 does not apply, and is taken never to have applied, to the goodwill if the entity makes an election for the goodwill under subsection 160ZZPQ(1) of the Income Tax Assessment Act 1936 (about roll‑overs for the assets of small *businesses).

118‑260  Meaning of business exemption threshold

 (1) The business exemption threshold for the 1997‑98 income year is $2,248,000.

 (2) The *business exemption threshold is indexed annually, but the result of the indexation is rounded upwards to the nearest multiple of 1,000.

Note: Subdivision 960‑M shows you how to index amounts.

 (3) The Commissioner must publish before the beginning of each *financial year the *business exemption threshold for that year.

Subdivision 118‑D—Insurance and superannuation

Table of sections

118‑300 Insurance policies
118‑305 Superannuation
118‑310 RSA's

118‑300  Insurance policies

 (1) A *capital gain or *capital loss you make from a *CGT event happening in relation to a *CGT asset that is your interest in rights under a *general insurance policy, a *life insurance policy or an *annuity instrument is disregarded in the situations set out in this table.

Insurance policies
                    The *CGT event happens to this type of policy:
Item                                                                                                                                                                               ... and you are