Page 20 - F6 Slides (CGT,TT,ET AND PT)

Requirements

• For a person to qualify for this exclusion, he or she must l

have held the small business for his or her own benefit for a continuous

period of at least five years prior to the disposal l

have been substantially involved in the operations of the small business

during that period l

have attained the age of 55 years or, if younger, have disposed of the asset or

interest in consequence of his ill-health, other infirmity , superannuation or

death , and l

have realised all his or her qualifying capital gains within a period of 24

months , commencing from the date of the first qualifying disposal (par 57(2)

and (4)).

Example 17.48