Commonwealth Consolidated Acts Commonwealth Consolidated ActsIf you are an individual, you can disregard any * capital gain arising from a * CGT event if all of the following conditions are satisfied:
(a) the basic conditions in Subdivision 152 - A are satisfied for the gain;
(b) you continuously owned the * CGT asset for the 15 - year period ending just before the CGT event;
Note: Section 152 - 115 allows for continuation of the period if there is an involuntary disposal of the asset.
(c) if the CGT asset is a * share in a company or an interest in a trust--the company or trust had a * significant individual for a total of at least 15 years (even if the 15 years was not continuous and it was not always the same significant individual) during which you owned the CGT asset;
(d) either:
(i) you are 55 or over at the time of the CGT event and the event happens in connection with your retirement; or
(ii) you are permanently incapacitated at the time of the CGT event.