Practical application and implementation of CGT small business concessions presentation

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 presentation 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 presentation 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?

Author profile

Daniel Smedley CTA

Daniel is a Principal of Sladen Legal. He is a Law Institute of Victoria Accredited Specialist in Tax Law and holds a Master of Taxation. Daniel is the principal author of Trust Structures Guide published by The Tax Institute and 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 25 September 2017

More by Daniel SMEDLEY

• Fixed Trust Issues for SMSFs paper - 24-August-2017
• Trusts Splitting - Supplementary paper - 13-June-2017
• Building blocks of a trust paper - 13-June-2017
• Emerging issues for private businesses conducted via trusts paper - 25-May-2017
• A matter of trusts: Deemed to be a “fixed trust” – draft guidelines - 01-December-2016
• Solving issues today, but planning for tomorrow paper - 27-May-2016
• Business succession - Involuntary events paper - 08-October-2015
• Trusts - Current risk areas paper - 18-March-2015
• Practical trust management issues paper - 27-May-2014
• Beware of trust conundrums! paper - 20-February-2014
• Trusts roadshow workbook paper - 29-October-2013
• 2012 Trusts roadshow workshop paper - 16-August-2012
• A matter of trusts: Continuity of the trust estate: FC of T v Clark - 01-March-2011
• 2010 trusts roadshow workbook paper - 23-September-2010
• Modern day trust structures paper - 17-October-2008
• Trusts roadshow: Case studies and workbook paper - 23-May-2008
• A matter of trusts: Increasing flexibility for family trusts? - 01-August-2007
• 2007 Trusts National Roadshow: Workbook and Case Studies - 25-May-2007
• Changes to the CGT small business concessions paper - 19-May-2007
• A matter of trusts : Trusts holding underlying interests in entities - 01-February-2007
• Trusts and succession planning paper - 21-October-2006
• CGT small business concessions - selected issues paper - 06-October-2006
• Trusts Workshop 2006 - 08-June-2006
• Establishing new trusts as part of succession planning paper - 25-August-2005
• A Matter of Trusts: Family trust elections - remain vigilant - 01-August-2005
• A matter of trusts: Asset protection and trusts - 01-April-2005
• A Matter of Trusts: In-specie distributions and GST - 01-February-2005
• Comparison of trusts seminar paper - 30-November-2004
• CGT exit strategies for SMEs convention paper - 11-September-2004
• A Matter of Trusts - 01-August-2004
• My Client the Property Investor/Developer - Part II convention paper - 02-April-2004

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