Published on 18 Feb 00
by QUEENSLAND DIVISION, THE TAX INSTITUTE
This paper considers the basic conditions for small business CGT relief before going on to look at: the small business asset roll-over relief; the retirement exemption on the sale of a small business; the 50% active asset reduction; and the 15 year exemption. The paper revises the key principles and highlights the changes with the first two forms of CGT relief. The two new forms of small business CGT relief are examined in more detail.The paper illustrates the operation of some of the various concessions through the use of worked examples.
Gordon is a chartered accountant in sole practice as a tax consultant. He has a particular emphasis on capital gains tax and is the editor of Cooper’s Capital Gains Tax Guide, which is a loose-leaf service published by Australian Tax Practice and the author of Cooper’s TLIP Capital Gains Tax. He advises on the taxation of international transactions and corporate matters as well as tax matters generally. He is a former President of the Taxation Institute of Australia and is President of the Committee of the Australian Branch of the International Fiscal Association. He is a Visiting Professorial Fellow at the Australian School of Taxation in the Law Department of the University of New South Wales.
Current at 17 October 2008
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