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Small Business CGT - Common Mistakes & Opportunities

Published on 08 Nov 2011 | Took place at Kooyong Lawn Tennis Club, Kooyong , VIC

The ATO are currently reviewing small business CGT concessions claims. Recent ATO reviews have highlighted the several key risk areas associated with applying the small business CGT concessions when not all the facts and not all the technical issues are bedded down properly.

Further, contributions into superannuation in reliance on the small business CGT concessions applying can become non concessional contributions. Mistakes within the small business CGT concessions could expose the client to excess contributions tax which on a nightmare scenario can be 90%+ on $1 million of super contributions.

This event highlighted the issues that are common risk areas within the small business CGT concessions to help you take advantage of some of the opportunities that exist within them.

The tax issue entry system - Issue for submission can be downloaded from:Tax Issues Entry System: Issues

TIES: Issue for submission can be downloaded from:TIES - Issue for submission

Claiming CGT concessions for small business can be downloaded from:Claiming CGT concessions for small business

Individual sessions

Small business CGT mistakes

Author(s):  Noel BEHARIS

This presentation covers:

  • what's in a capital gain?
  • aggregated turnover
  • active asset - risk areas
  • net value
  • connected entity & affiliate
  • connection with the business
  • property sale issues.
Materials from this session: