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The "dark" side of small business rollover.

Publication date: 01 Sep 07 | Source: INTAX

Issue: September 2007

Pages: pp.10-11

While quite a lot of favourable things have been written and said about the ability, under the recently amended small business rollover provisions, to defer the capital gain made on a business asset, there is one major downside that has not been given much attention. And that is, under the "deferral" approach when the rollover gain is later resinstated by CGT event J5 or J6, the CGT discount will not be available for the reinstated gain - even if the original rolled-over gain qualified for the discount.

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Author profiles

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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