Published on 05 May 05
by SOUTH AUSTRALIAN DIVISION, THE TAX INSTITUTE
The CGT small business concessions have now been with us for over five years, but continue to be difficult to apply in practice. This paper examines the different concessions, with a particular focus on the following aspects:
- connected entities
- small business CGT affiliates
- $5m net asset test
- active asset test
- controlling individuals.
These issues are explained with the use of practical examples involving common business structures (including companies, partnerships and trusts).
Paul Ingram FTIA is a Partner of Minter Ellison and practises in all areas of taxation law, but with a particular focus on CGT, business structures, GST and stamp duty. Paul is a member of the National Technical CGT subcommittee, the Taxation Committee of the Law Council of Australia, and represents that committee on RevenueSA's Liaison Group.
Current at 24 March 2009
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