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Small Business CGT Concessions - An Essential Guide to Opportunities and Threats

Published on 20 Aug 2009 | Took place at Leonda by the Yarra, Hawthorn, NSW

This event was based on an updated version of the paper presented by Stephen Holmes (WMS Chartered Accountants) at the Taxation Institute of Australia 2009 National Convention.

The event was aimed at family business advisors who want to be up to date and anyone who knows enough about the CGT small business concessions to be concerned about the practical application of the rules.

The small business CGT concessions must be considered when advising clients on the establishment of ownership structures and the disposal of assets. This important area for family business owners and tax advisors is currently subject to widespread review by the Tax Office auditors.

The purpose of the event was to provide a practical guide to the sometimes surprising opportunities and often hidden threats for both your clients and us - the advisors. The legislative changes enacted on 23 June 2009 were explained.

Individual sessions

CGT Small Business Concessions - Yes it’s rocket science

Author(s):  Michael JONES,  Cynthia VOON

This paper covers:

  • active asset test
  • identifying a CGT concession stakeholder and significant individual
  • small business entities
  • new definition of affiliate
  • some developments - "connected with a discretionary trust"
  • replacement asset rollover - 2 year interest free loan
  • structuring disasters
  • The Small Business Concessions and Part IVA.
Materials from this session: