Section 149 — Income Tax Assessment Act 1997 (Cth)

A *CGT asset that an entity owns is a pre‑CGT asset if, and only if:

(a) the entity last acquired the asset before 20 September 1985; and

(b) the entity was not, immediately before the start of the 1998‑99 income year, taken under:

(i) former subsection 160ZZS(1) of the Income Tax Assessment Act 1936; or

(ii) Subdivision C of Division 20 of former Part IIIA of that Act;

to have acquired the asset on or after 20 September 1985; and

(c) the asset has not stopped being a pre‑CGT asset of the entity because of this Division.

Note: There are transitional rules for assets that stopped being pre‑CGT assets under the Income Tax Assessment Act 1936: see section 149‑5 of the Income Tax (Transitional Provisions) Act 1997.

Related sections

• s 132 — ‑1  Lessee incurs expenditure to get lease term varied or waived
• s 134 — ‑1  Exercise of options
• s 137 — ‑1  What this Subdivision is about
• s 152 — ‑1  What this Division is about
• s 160 — ‑1  What this Division is about
• s 164 — ‑1  What this Division is about

Research how courts apply s 149

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