CGT small business concessions: basic conditions - CGT event happening in relation to a CGT asset - granting an option

the ITAA 1997 requires that the CGT asset satisfies the active asset test. With respect to the first condition it is considered ... Keywords Active asset Basic conditions for relief Capital gains tax CGT events D1-D3 - bringing into existence a CGT asset CGT event

Income tax: capital gains: small business concessions: can a share in a company or an interest in a trust qualify as an active asset under subsection 152-40(3) of the Income Tax Assessment Act 1997 if the company or trust owns interests in another entity that satisfies the '80% test'?

test' calculation to determine if the underlying interests in the entity are themselves active assets. 14. As the active asset test requires ... Subject References: active asset active asset test basic condition for relief capital gains tax CGT events CGT small business relief Legislative References

Income tax: capital gains: small business concessions: is an entity that has a 'controller' under section 152-30 of the Income Tax Assessment Act 1997 necessarily a small business CGT affiliate under paragraph 152-25(1)(b) of the Income Tax Assessment Act 1997 of that 'controller'?

the ITAA 1997); and • the active asset test - the relevant asset must be an active asset of the taxpayer at certain times ... References: active asset active asset test basic conditions for relief capital gains capital gains tax CGT assets CGT small business relief maximum

Income tax: capital gains: is a CGT asset that is leased by a taxpayer to a connected entity for use in the connected entity's business an active asset under section 152-40 of the Income Tax Assessment Act 1997 ?

the active asset test in section 152-35 of the ITAA 1997. 6. A CGT asset is an active asset ... References: active asset active asset test basic conditions for relief capital gains capital gains tax CGT assets CGT small business relief controlling

Income tax: capital gains: are there any circumstances in which the premises used in a business of providing accommodation for reward may satisfy the active asset test in section 152-35 of the Income Tax Assessment Act 1997 notwithstanding the exclusion in paragraph 152-40(4)(e) of the Income Tax Assessment Act 1997 for assets whose main use is to derive rent?

the active asset test in section 152-35 of the ITAA 1997. 19. A CGT asset is an active asset ... References: active asset active asset test basic conditions for relief capital gains capital gains tax CGT assets CGT small business relief small

Income tax: capital gains: small business concessions: can trustees or members of a complying superannuation fund 'control' the superannuation fund in the way described in section 152-30 of the Income Tax Assessment Act 1997 ?

the ITAA 1997. Small business concessions 13. For the small business concessions to apply in relation to business real property owned ... Related Rulings/Determinations: TD 2006/D34 Subject References: active asset active asset test CGT small business relief complying superannuation funds connected entity maximum net

CGT - 15-year exemption

for decision Question 1 Summary A CGT event will happen in relation to the Sale Assets when they are sold and you ... CGT small business entity in the year of the CGT event and the Sale Assets will satisfy the active asset test

Assessable income Issue One

partnership that is a CGT small business entity and the CGT asset is an interest in an asset of the partnership ... are satisfied in relation to the CGT asset, and d. the CGT assets satisfied the active asset test in section

CGT - 15-year exemption

sell the asset. A CGT asset is an active at a time if, at that time, you own the asset, and ... small business 15-year exemption it must satisfy the basic conditions and two further conditions: 1. You continuously owned the CGT asset

Capital gains tax - 15-year exemption

are a CGT small business entity for the income year To be eligible to use the CGT small business concessions you must ... small business participation percentage (if any) in the test entity at that time; and (ii) the intermediate entity's indirect small business

Capital gains tax - discount capital gains

assets' net value. Active asset test Subsection 152-35(1) of the ITAA 1997 provides a CGT asset satisfies the active asset ... CGT small business entity or satisfy the MNAV test), and • the CGT asset satisfies a modified active asset test. CGT concession stakeholder

CGT - deceased estates

ITAA 1997 requires the CGT asset to satisfy the active asset test. Meaning of active asset Subsection 152-40(1) of the ... active asset. Active asset test A CGT asset is an active asset if the CGT asset meets the active asset test. Section

CGT - disposal of shares

satisfy the maximum net asset value test. • Your shares in Company A satisfy the active asset test as you have held the ... are active assets. • You satisfy the additional basic conditions for shares in a company as you are a CGT concession stakeholder

Capital gains tax - subdivision

they can access the CGT concessions, or the property is a pre-CGT asset. A sale that is more than a 'mere ... business 177. To determine whether an activity, or series of activities, amounts to a business, the activity needs to be considered against

CGT - 15-year exemption

age. Therefore, as the property does not satisfy the active asset test, the sale of the property has not happened in connection ... the small business 15-year exemption, any distribution made by the company of that exempt amount to a CGT concession stakeholder

CGT - deceased estate

before their death. The small business 15-year exemption under Subdivision 152-B permits a CGT small business entity to disregard ... dispensing with the need to apply the other available small business CGT concessions. [2] (1984) 3 FCR

CGT - subdivision

the ITAA 1997. Question 3 Active asset test To access the small business concessions under Division 152 of the ITAA 1997, you ... the ITAA 1997 states that the CGT asset must satisfy the active asset test. The active asset test is contained in section

CGT - 15-year exemption

Subject CGT - 15-year exemption Question 1 Do you meet the basic conditions for relief for the small business entity capital gains ... your spouse is a small business entity, and the property meets the active asset test in section 152-35 of the ITAA

CGT - 15-year exemption

Subject CGT - 15-year exemption Question 1 Do you meet the basic conditions for relief for the small business entity capital gains ... you are a small business entity, and the property meets the active asset test in section 152-35 of the ITAA

CGT - deceased estate

CGT small business entity for the income year and the CGT asset is an interest in an asset of the partnership. - You ... business, but your CGT asset is passively held and is used in a business carried on by a small business entity that