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Small business capital gains tax concessions and the simplified tax system

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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.

Author profiles

Matthew BURGESS
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Peter J MCKNOULTY
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
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This was presented at Preparing for the big 3 - GST, RBT and superannuation .

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Preparing for the big 3- GST, RBT & Super

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Small business CGT concessions and the simplified tax system

Author(s):  Matthew BURGESS,  Peter J MCKNOULTY

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The new trustee investment rules SLAB 4

Author(s):  Gary RIORDAN

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