Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) For the purposes of this Subdivision, treat a * CGT asset as if it were an active asset of an entity at a particular time, if:
(a) the entity owns it at that time; and
(b) it is either a * share in a company, or an interest in a trust; and
(c) at that time, the entity:
(i) is a * CGT concession stakeholder of the company or trust; or
(ii) if the entity is not an individual--has a * small business participation percentage in the company or trust of at least 20%; and
(d) at that time, the company or trust:
(i) is carrying on a * business, and has been carrying on a business since the start of the most recent income year ending before that time; and
(ii) is not a * subsidiary member of a * consolidated group; and
(e) the assessable income of the company or trust for that most recent income year was greater than nil, and at least 80% of that assessable income was:
(i) from the carrying on of one or more businesses; but
(ii) not * derived (directly or indirectly) from an asset of a kind to which paragraph 152 - 40(4)(d) or (e) applies.
Note: Paragraphs 152 - 40(4)(d) and (e) refer to financial instruments and assets used to derive interest, annuities, rent, royalties or foreign exchange gains.
(2) For the purposes of this Subdivision, treat a * CGT asset as if it were an active asset of an entity at a particular time, if subsection 152 - 40(3) would have been satisfied for the asset at that time had paragraph 152 - 40(3)(a) only required the asset to be:
(a) a * share in a company; or
(b) an interest in a trust.
Note: This enables shares and interests in foreign entities to be active assets for the purposes of this Subdivision.
(3) Subsections (1) and (2) do not limit section 152 - 40 (about active assets).