Published on 01 May 99
by "TAXATION IN AUSTRALIA" JOURNAL ARTICLE
The introduction of Division 17B of Part IIIA of the Income Tax Assessment Act 1936 was a response to the Federal Government's 1996 election commitment to provide capital gains tax relief to small business owners. This article discusses what is Divison 17B, which taxpayers may be entitled to Division 17B relief, how is the $5 million threshold calculated?, what is a "connected entity", what is an "active asset", what is an asset's CGT exempt amount, and what additional rules apply for companies and trusts.
Andrew O’Bryan FTIA is the Head of Taxation, Superannuation, and Family Business and Wealth
Management Practice Groups at Hall and Wilcox. Andrew provides advice on the application of a wide
range of taxation matters including income tax, FBT, CGT, tax audits, structuring and restructuring of
business and transactions, superannuation, state equivalent tax regimes, retirement planning, business
succession, estate planning, liquidations and reconstructions, and corporatisation and privatisation.
Current at 11 March 2009
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Current at 19 November 2004
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