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CGT small business concessions - selected issues paper

Published on 06 Oct 06 by VICTORIAN DIVISION, THE TAX INSTITUTE

In the recent Federal Budget changes arising from the Board of Taxation’s post implementation review of the small business CGT concessions were announced, together with a new significant stakeholder test. This paper re-examines the small business CGT concessions from a practical perspective, highlighting some of the proposed changes and considering the traps that practitioners must continue to monitor. The paper considers:

  • can a taxpayer’s structure result in a failure to satisfy the threshold tests?
  • is there an active asset?
  • what does need to be included in the maximum net asset value test?
  • how does the connection test operate?
  • what are the compliance traps?
  • what are the implications of choosing some concessions over others?
This was also presented by Ron Jorgensen on 21 Octobe 2006 at the Tasmanian State Convention.

Author profiles

Daniel Smedley CTA
Danielis a Principal of Sladen Legal. He is a Chartered Tax Advisor with The Tax Institute, accredited as a specialist in Taxation Law with the Law Institute of Victoria, and the principal author of the Trust Structures Guide, recognised by The Tax Institute as “the leading resource for anyone advising on trusts, structuring and planning issues”. From 2016 to 2019, Daniel has been named in the list of Australia’s “Best Lawyers of the Year” in the practice of tax law in the list compiled by United States peer-review company Best Lawyers. Daniel has also been recognised in Doyles Guide as a recommended tax lawyer since 2016. Daniel is a regular presenter at industry conferences and workshops. Daniel primarily advises businesses and high net worth individuals in relation to business and investment structuring, trusts, succession planning and taxation law. - Current at 04 September 2019
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Ronald Jorgensen CTA
Ron principally consults on Commonwealth and State tax laws, tax dispute resolution and compliance enforcement. Ron specialises in trusts and trust disputes, succession and asset protection, business and investment structuring and tax sensitive commercial and property transactions. Ron is an Accredited Specialist Tax Law and member of the Tax Law Advisory Committee with the Law Institute of Victoria. He is a member of the Law Institute of Victoria and The Tax Institute. Ron is a member of the Tax Technical Committee (Vic), a member and former chair of the States Taxes Committee (Vic) and former representative of the Victorian State Taxes Consultative Council for The Tax Institute. Ron is a member of the Property Council of Australia Tax Committee (Victorian Division). Ron was recognised by Doyle’s Guide as a Recommended Leading Tax Lawyer for 2015, 2016, 2017 and 2018. - Current at 07 August 2019
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This was presented at 45th Victorian State Convention: Finding buried treasure .

Get a 20% discount when you buy all the items from this event.

Individual sessions



CGT Rollovers: restructuring for the top end

Author(s):  Richard CZERWIK,  Stephen CARPENTER

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International tax - there's treasure buried all over the world

Author(s):  Liam COLLINS

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Consolidation...unfinished business

Author(s):  Michelle DE NIESE

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The 'ins' and 'outs' of testamentary trusts

Author(s):  Bruce COOK

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Exploring new waters - emerging trust issues

Author(s):  Graeme HALPERIN

Materials from this session:


Further details about this event:

 

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