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06 Nov 06 Error in Guide to capital gains tax 2005-06

The ATO has advised that there is an error on page 6 of the Guide to capital gains tax 2005-06 under the heading "2006 budget announcements".

The guide incorrectly states that the 4 proposed amendments relating to the small business CGT concessions are intended to apply from the 2006-07 income year. In fact, the third and fourth proposed amendments are intended to apply to CGT events that happen from the 2007-08 income year. These proposed amendments relate to:

- increasing the net asset threshold for the small business concessions from $5 million to $6 million, and
- allowing simplified tax system (STS) taxpayers access to the concessions without having to satisfy the net asset threshold.

The ATO has updated "Alignment of eligibility thresholds for small business concessions" to clarify when the changes are expected to apply from and the ATO has also corrected this error on the downloadable version of the guide available on its website. A correction will be included in paper copies of the guide that are distributed in the future but you may want to note the correction in any copies of the guide that you have already received.

For a copy of the ATO advice, go here

For a copy of the ATO's Guide to capital gains tax 2005-06, go here

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