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TD 2000/D19 (Withdrawn)withdrawnchange

Income tax: capital gains: for a capital gain you make on CGT event K6 happening in relation to pre-CGT shares you own in a company:(a) are you entitled to the general CGT discount in Division 115; and (b) are you entitled to the small business relief in Division 152?

Income tax: capital gains: for a capital gain you make on CGT event K6 happening in relation to pre-CGT shares you own in a company: (a) are you entitled to the general CGT discount in Division 115; and (b) are you entitled to the small business relief in Division 152?

Yes, if you are an individual, complying superannuation entity or trust and you satisfy the requirements of Division 115. Subsection 115-25(2), Item 2, makes it clear that the general CGT discount can apply to a CGT event K6 situation. The general CGT discount is not available, however, to a company.

Yes, if your pre-CGT shares are active assets within the meaning of section 152-40 and you satisfy the other requirements of Division 152.

The small business relief in Division 152 does not apply to property of the company or to property of any interposed company or trust.

In this draft Taxation Determination: ' company ' has the meaning given by paragraph 104-230(9)(a); ' post-CGT property ' means property acquired on or after 20 September 1985 and does not include trading stock; and ' pre-CGT shares ' means shares acquired before 20 September 1985.

The views expressed in this draft Taxation Determination in relation to shares in a company apply, adapted as necessary, to an interest in a trust to which section 104-230 applies.

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