Miscellaneous 1999

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

Source: Taxation In Australia Journal Article

Published Date: 1 May 1999

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.

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Miscellaneous 1999

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