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Major Changes: Superannuation, CGT Small Business Concessions and Bankruptcy

Published on 15 Sep 2006 | Took place at Crowne Plaza Darwin, NT

In the May Federal Budget, the Treasurer announced a number of significant, proposed changes to superannuation and CGT small business concessions.

The month of May also saw the commencement of amendments to the Bankruptcy Act, which gives creditors greater access to assets controlled by the bankrupt and their associates. These amendments had been in the pipeline for over five years.

This seminar discussed the proposed amendments to superannuation and the small business concessions, and the amendments to the Bankruptcy Act.

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Individual sessions

The government's plan to simplify and streamline superannuation: where are we now?

Author(s):  Matthew TRIPODI

This paper provides an overview of the Government’s proposals and further developments since the budget announcement. It also considers the impact of the proposals on common superannuation transactions and strategies.

This paper was originally presented at “The Government’s Plan to Simplify and Streamline Superannuation: Where are we now?” held in Adelaide on 23 August 2006. It includes some updates made for presentation at the ‘Major Changes: Superannuation, CGT Small Business Concessions and Bankruptcy’ seminar held in Darwin on 15 September 2007.

Materials from this session:

CGT small business concessions

Author(s):  Paul INGRAM Two press releases issued by the Treasurer as part of the May Federal Budget (Nos. 038 and 039) propose some important changes to the CGT Small Business concessions, which will significantly expand their scope. Paul Ingram, on behalf of the Taxation Institute, has been heavily involved in the consultation process relating to these amendments. This presentation examines the proposed changes.

Materials from this session:

The erosion of asset protection

Author(s):  Matthew TRIPODI

People have long sought to protect their personal and business assets by separating ownership from risk. However, the Government now seems committed to giving creditors greater access to assets (including superannuation) controlled by a bankrupt and their associates. The Government's proposals have brought into question the ongoing effectiveness of common asset protection strategies. This paper focusses on:

  • the current bankruptcy rules and common asset protection strategies
  • the content and current status of the Government's proposals
  • the 2005 'Bankruptcy and family law' amendments
  • the likely impact of the above on asset protection strategies going forward.
This paper was originally presented on 6 May 2006 at the South Australian State Convention held in the Barossa Valley. This version contains some update to cover changes that occurred since then.
Materials from this session: