Capital Gains Tax (CGT) 2014

Small business concessions

Source: Taxation In Australia Journal Article

Published Date: 1 Feb 2014


Division 152 of the Income Tax Assessment Act 1997 (Cth) provides a range of capital gains tax (CGT) concessions for small business taxpayers. It is arguably one of the most complex Divisions in the tax legislation, and has been frequently amended. It has generated a number of court cases, and continues to be the focus of Australian Taxation Office reviews and audits. This article covers the key areas where uncertainties and challenges arise for taxpayers in the context of the CGT small business concessions.

The article discusses what a liability is for the purposes of the concessions. Recent amendments to the concessions are assessed to determine whether the amendments have achieved their aims. The interaction of CGT small business concessions with proposed changes to the tax treatment of earnouts is discussed, along with the implications of incorporating a partnership and the determination of the market value of CGT assets.

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Capital Gains Tax (CGT) 2014

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