Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 152.35

  (1)   A * CGT asset satisfies the active asset test if:

  (a)   you have owned the asset for 15 years or less and the asset was an * active asset of yours for a total of at least half of the period specified in subsection   (2); or

  (b)   you have owned the asset for more than 15 years and the asset was an active asset of yours for a total of at least 7 1 / 2 years during the period specified in subsection   (2).

  (2)   The period:

  (a)   begins when you * acquired the asset; and

  (b)   ends at the earlier of:

  (i)   the * CGT event; and

  (ii)   if the relevant business ceased to be carried on in the 12 months before that time or any longer period that the Commissioner allows--the cessation of the business.