Commonwealth Consolidated Acts Commonwealth Consolidated Acts
Income Tax Assessment Act 1997
1 Subsection 995 - 1(1) (definition of active asset )
Omit "section 123 - 80", substitute "section 152 - 40".
2 Subsection 995 - 1(1) (definition of business exemption threshold )
Repeal the definition.
3 Subsection 995 - 1(1)
Insert:
"CGT concession stakeholder" has the meaning given by subsection 152 - 60.
4 Subsection 995 - 1(1) (definition of CGT exempt amount )
Omit "section 118 - 425", substitute "section 152 - 315".
5 Subsection 995 - 1(1) (definition of CGT retirement exemption limit )
Omit "section 118 - 435", substitute "section 152 - 320".
6 Subsection 995 - 1(1) (definition of connected with )
Omit "section 123 - 60", substitute "section 152 - 30".
7 Subsection 995 - 1(1) (definition of controlling individual )
Repeal the definition, substitute:
"controlling individual" has the meaning given by section 152 - 55.
8 Subsection 995 - 1(1)
Insert:
"fixed entitlement" : a beneficiary of a trust has a fixed entitlement to a share of the income or capital of the trust in the circumstances set out in section 272 - 5 of Schedule 2F to the Income Tax Assessment Act 1936 .
9 Subsection 995 - 1(1)
Insert:
"foreign superannuation fund" has the meaning given by section 118 - 520.
10 Subsection 995 - 1(1)
Insert:
"limited partnership" has the meaning given by section 94B of the Income Tax Assessment Act 1936 .
11 Subsection 995 - 1(1) (definition of net value )
Repeal the definition, substitute:
"net value" of an entity means the amount by which the sum of the market values of the assets of the entity exceeds the sum of its liabilities.
12 Subsection 995 - 1(1) (definition of net value of the CGT assets )
Omit "section 123 - 50", substitute "section 152 - 20".
13 Subsection 995 - 1(1) (definition of related business )
Repeal the definition.
14 Subsection 995 - 1(1)
Insert:
"resident investment vehicle" has the meaning given by section 118 - 510.
15 Subsection 995 - 1(1) (definition of small business CGT affiliate )
Omit "section 123 - 55", substitute "section 152 - 25".
16 Subsection 995 - 1(1)
Insert:
"trust voting interest" has the meaning given by section 124 - 805.
17 Subsection 995 - 1(1)
Insert:
"venture capital entity" has the meaning given by section 118 - 515.
18 Subsection 995 - 1(1)
Insert:
"venture capital equity" has the meaning given by section 118 - 525.
Notes to the New Business Tax System (Capital Gains Tax) Act 1999
Note 1
The New Business Tax System (Capital Gains Tax) Act 1999 as shown in this compilation comprises Act No. 165, 1999 amended as indicated in the Tables below.
For all relevant information pertaining to application, saving or transitional provisions see Table A.
Table of Acts
Act | Number | Date | Date of commencement | Application, saving or transitional provisions |
165, 1999 | 10 Dec 1999 | See s. 2 |
| |
Taxation Laws Amendment Act (No. 7) 2000 | 173, 2000 | 21 Dec 2000 | Schedule 3 (items 16, 17): Royal Assent | Sch. 3 (item 17) |
Tax Laws Amendment (2010 Measures No. 2) Act 2010 | 75, 2010 | 28 June 2010 | Schedule 6 (item 11): 29 June 2010 | -- |
Table of Amendments
ad. = added or inserted am. = amended rep. = repealed rs. = repealed and substituted | |
Provision affected | How affected |
S . 4 .................... | rep. No. 75, 2010 |
Schedule 1 |
|
Item 61 ................. | am. No. 173 , 200 0 |
Table A
Application, saving or transitional provisions
Taxation Laws Amendment Act (No. 7) 2000 (No. 173, 2000)
Schedule 3
17 Application of amendments
The amendments made by this Schedule apply to assessments for the income year including 21 September 1999 and all later income years, but only for CGT events that happen after 11.45 am, by legal time in the Australian Capital Territory, on 21 September 1999.