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Small business capital gains tax concessions and the simplified tax system


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

Peter McKnoulty CTA
Peter is a Consultant at McCullough Robertson, having been a partner with the firm from July 1986 to December 2011. His practice focuses on tax and commercial law with an emphasis on estate planning, taxation, tax planning, business structuring, business succession and family business intergenerational transfer. He is also the Founder of Transition Planning Australia, which helps business owners, professionals and others to create a framework for the transition from business or full-time work to the next phase of their lives. TPA’s belief is that everyone is entitled to a meaningful life after full-time work. Peter has degrees in Commerce and Law (with Honours) from the University of Queensland. - Current at 29 November 2017
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Matthew Burgess CTA
Photo of author, Matthew BURGESS Matthew Burgess, CTA, co-founded Brisbane based specialist firm View Legal in 2014, having been a partner of one of Australia’s leading independent law firms for over 12 years. Matthew’s passion is helping clients successfully achieve their goals. Matthew specialises in tax, asset protection, estate and succession planning, providing strategic advice to business owners and high net worth individuals, and was recognised in the “Best Lawyers” list for 2014 in relation to trusts and estates. As an author, Matthew is widely recognised as an expert in his field, who constantly creates bespoke revenue-related strategies for the growth, management and protection of wealth. Matthew is regularly published in Australia’s leading monthly tax journal, The Tax Institute’s Taxation in Australia (six articles since 2012), and the leading weekly tax journal, Thomson Reuters’ Weekly Tax Bulletin (10 articles since 2012). He has also written five legal books, one business book and 16 children’s books. - Current at 30 November 2017
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