1 Are you eligible to apply the 50% general discount under Subdivision 115-A of the Income Tax Assessment Act 1997 (ITAA 1997) to reduce the capital gain made on the disposal of the property?
Yes. Question 2 Are you eligible to apply the 50% active asset reduction under Subdivision 152-C of the ITAA 1997 to reduce the capital gain made on the disposal of the property? Answer Yes. Question 3 Are you eligible to obtain the small business roll-over on the disposal of the property under Subdivision 152-E of the ITAA 1997? Answer Yes. Question 4 If you do not purchase a replacement asset within the required period and a J5 event occurs, can you apply the retirement exemption under Subdivision 152-D of the ITAA 1997? Answer Yes. This ruling applies for the following periods : Year ending 30 June 202X Year ending 30 June 202X Year ending 30 June 202X The scheme commenced on: 1 July 202X
You own a commercial property (the property). You acquired the property in June 201X. You are the 100% shareholder of the company, which operated its business from the property. The property was utilised as a warehouse by the company from August 201X until the property was sold in the 202X-2X financial year. You satisfied the maximum net asset value test at the time the property was sold. At time of sale, you were under 55 years old. You intend to apply the small business roll-over. If you do not find a replacement asset in the allocated time, you will contribute the exempt amount up to $500,000 into a complying superannuation fund.
Income Tax Assessment Act 1997 Division 115-A Income Tax Assessment Act 1997 Subdivision 115-B Income Tax Assessment Act 1997 section 115-100 Income Tax Assessment Act 1997 Subdivision 152-A Income Tax Assessment Act 1997 section 152-10 Income Tax Assessment Act 1997 section 152-35 Income Tax Assessment Act 1997 section 152-40 Income Tax Assessment Act 1997 Subdivision 152-C Income Tax Assessment Act 1997 section 152-205 Income Tax Assessment Act 1997 Subdivision 152-D Income Tax Assessment Act 1997 section 152-305 Income Tax Assessment Act 1997 Subdivision 152-E Question 1 Under section 115-10 of the Income Tax Assessment Act 1997 (ITAA 1997), to qualify for the 50% general discount a capital gain must be made by an individual, a complying superannuation entity, a trust or a life insuranc