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Small business concessions : extension to interposed entities.

Publication date: 04 Sep 07 | Source: CAPITAL GAINS TAX BULLETIN

Issue: No 2 2007

Pages: pp.42-44

Abstract:

When the CGT small business concessions were first introduced, there were no provisions for their application to shares or trust interests in the case where a business was operated through a company or trust. This problem was later partially remedied to allow individuals with a 50% or more "controlling" interest in the company or trust to access the concessions in relation to certain shares or trust interests.

The amendments introduced in late 2006 now allow a "significant individual" to access the concessions in relation to gains made on shares or trust interests.

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Author profiles

Kirk WILSON
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Anetta Johnston CTA
Anetta is a Tax Director in the KPMG Adelaide Corporate Tax practice. She has qualifications in both law and commerce and has over 15 years' experience working as a tax advisor in various law firms and at KPMG. Prior to rejoining KPMG in December 2015, Anetta worked for 5 and a half years as a Senior Associate in the taxation group of Arnold Bloch Liebler in Melbourne where she was involved predominately in taxation audits and disputes. Anetta's work in managing and resolving audits and disputes included preparing responses to position papers, preparation and lodgement of objections to notices of assessment and penalty notices, drafting settlement proposals and ongoing communications and negotiations with the ATO. Her work at KPMG involves advising clients on general income tax and GST matters, tax and corporate restructuring, M&A transactions and taxation audits and disputes. Anetta's clients include People's Choice Credit Union, Beyond Bank, Flinders Ports and various other private groups and high net worth individuals. - Current at 07 December 2016
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