Published on 28 Feb 00
by TASMANIAN DIVISION, THE TAX INSTITUTE
This paper examines the capital gains tax concessions implemented in the August 1996 Budget, regarding the taxation of small businesses. Two main concessions were the CGT roll-over relief and the retirement exemption. The initial legislation in relation to these have undergone a number of changes since it was introduced. In the wake of the Ralph Review, the New Business Tax System (Capital Gains Tax) Act 1999 No. 165 1999 was introduced by Government. The paper deals with the small business concessions as set out in the Act. Where there have been significant changes made to the previous rules these are noted.
Peter McKnoulty FTIA works for McCullough Robertson. Peter has degrees in Commerce and Law (with Honours) from the
University of Queensland. He has been a Partner in the Queensland
legal firm of McCullough Robertson since July 1986 having been admitted as a Solicitor in 1983. He practices in all aspects of the Commercial Law field with an emphasis on estate planning, taxation, tax planning, business structuring and business law generally and is
the senior partner in the firm’s Business and Revenue Division.
Current at 1 August 2008