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My wife the billionaire... and the proposed small business CGT concession changes.

Publication date: 10 Nov 08 | Source: WEEKLY TAX BULLETIN

Issue: No 45 2008

Pages: pp.1684-1686

Abstract:
Proposed changes to the small business CGT concessions were released in an exposure draft for public comment on 14 October 2008. In a tax technical sense, these changes address the circumstances in which your spouse (and entities associated with your spouse) are 'affiliates' for the purpose of the CGT concessions. In a policy sense, the issue is the degree to which you and your spouse are considered a single economic unit, as opposed to respecting each of you as individual taxpayers.

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Author profile

Sean Neary FTI
Sean is founder of Neary Consulting, a boutique tax practice in West Perth. Sean focuses on addressing complex tax issues for small and medium enterprises, including referral work from other accounting practices. His practice covers ATO and OSR dispute resolution, business sales and restructures, small business CGT concessions, business sales and restructures, international tax, GST and Transfer Duty. Sean has a Bachelor of Economics, Masters of Tax Law and is both a CA and Fellow of the Tax Institute. His work history includes roles in Deloitte, PwC, Dow Corning, PKF, Webb Martin and was founding Chairman of technology materials group Talga Resources Limited (ASX: TLG). - Current at 04 March 2018
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