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  • CGT small business concessions – Some things that may surprise you paper!

CGT small business concessions – Some things that may surprise you paper!

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Unless expressly stated, opinions are not that of The Tax Institute, which accepts no responsibility for the accuracy of any of the information contained within it.

Published on 13 Mar 09 by NATIONAL DIVISION, THE TAX INSTITUTE

The new and improved small business concessions continue to provide practitioners with incredible opportunities to save tax for clients but their application is far from straightforward. This paper helps you chart a course through specific pitfalls of the concessions as well as examining some of the new opportunities that continue to emerge. Topics covered include:

  • the small business entity rules – upsides and downsides
  • the benefits of carrying on a business
  • new definitions of “affiliate” and “connected with”
  • how spouses can be useful
  • issues with selling shares or units
  • issues with the active asset test
  • interest-free loans from the Government using the rollover concession
  • Part IVA and the SBC.

Author profile

Stephen Holmes CTA
Photo of author, Stephen HOLMES Stephen Holmes, CTA, is a Partner at WMS Chartered Accountants based on the Gold Coast. Stephen has a particular focus on CGT, taxation implications of trusts and SME tax issues generally. He is a regular resource for other accounting professionals on tax matters. He is also a regular speaker on tax matters across south-east Queensland and northern New South Wales. In addition to holding masters degrees in both Taxation and Economics, Stephen completed a Juris Doctor degree at Bond University Law School in 2013 with first class honours. - Current at 27 November 2017
Click here to expand/collapse more articles by Stephen HOLMES.

 

This was presented at 24th National Convention 2009 .

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