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

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

Stephen 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 assists clients to legitimately reduce their overall tax burden by innovative structuring and detailed planning. 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 23 May 2017

More by Stephen HOLMES

• Employee share schemes in an emerging economy paper - 18-August-2016
• Should your clients still use discretionary trusts? paper - 11-June-2015
• Taxing relationship breakdowns paper - 12-November-2014
• Lessons from experience - Business entity structuring paper - 01-May-2014
• Tax-effective restructuring for SMEs - 01-April-2014
• Which option to choose when circumstances dictate a change paper - 27-February-2014
• Trust distributions in practice paper - 20-March-2013
• A fresh look at year-end issues paper - 01-June-2012
• How difficult is it to recoup a loss in a consolidated group in 2009 paper? - 23-April-2009
• Small business CGT concessions – Tips and traps paper - 31-July-2008
• Losses and consolidated groups paper - 11-July-2008

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