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Tax Q & A: Division 17B - small business retirement exemptions

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.

Author profiles

Andrew O'Bryan CTA
Photo of author, Andrew O'BRYAN Andrew is a senior tax partner at Hall & Wilcox Lawyers. He has over 25 years' experience giving expert tax advice to private business and wealthy family groups. He has particular expertise in the tax aspects of succession planning and in managing complex disputes with the Australian Taxation Office. - Current at 30 August 2017
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Andrew O'Bryan CTA
Andrew is a senior tax partner at Hall & Wilcox Lawyers. He has over 25 years' experience giving expert tax advice to private business and wealthy family groups. He has particular expertise in the tax aspects of succession planning and in managing complex disputes with the Australian Taxation Office. - Current at 30 August 2017
Click here to expand/collapse more articles by Tony MACVEAN.

 

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