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 enjoys solving complex taxation and trust law issues for private enterprise clients. He is also a trusted confidant in planning the succession of his client’s personal and business affairs. Daniel 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 published by The Tax Institute. Since 2016, Daniel has appeared in the list of one of Australia's “Best Lawyers of the Year” in the practice of tax law. The list is compiled by Best Lawyers and published in the Australian Financial Review. Daniel has also been recognised in Doyles Guide as a recommended tax lawyer since 2016. Daniel is a regular presenter at state and national industry conventions, conferences and workshops. - Current at 22 October 2019

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