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This paper evaluates the impact of the Ralph Review and subsequent Government announcements and legislation on the CGT regime; in the light of the Government's responses to the Ralph Review recommendations contained in the Treasurer's Press Releases dated 21 September 1999 and 11 November 1999 .
Small business CGT concessions and the simplified tax system
Peter J MCKNOULTY
This paper examines the capital gains tax concessions implemented in the August 1996 Budget, regarding the taxation of small businesses. Two main concessions were the CGT roll-over relief and the retirement exemption. The initial legislation in relation to these have undergone a number of changes since it was introduced. In the wake of the Ralph Review, the New Business Tax System (Capital Gains Tax) Act 1999 No. 165 1999 was introduced by Government. The paper deals with the small business concessions as set out in the Act. Where there have been significant changes made to the previous rules these are noted.
On 8 December 1999, the Parliament finally passed the Superannuation Legislation Amendment Bill (No.4) 1999 to give effect to the investment restrictions announced in the 1998-99 Budget. SLAB No.4 has now clarified many apsects of those announcements, which have for over 18 months caused considerable uncertainty and delay in the investment of superannuation assets in Australia. This paper examines the impact of these changes on superannuation funds and their investments.
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