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Small business concessions paper


Accessing the small business CGT concessions remains a challenge. This paper covers the key areas where most uncertainties and challenges arise for taxpayers. In particular it focuses on:

  • what is a liability for the purposes of the small business concessions and when does a liability relate to the CGT asset?
  • various amendments have been made to overcome unintended anomalies, but have the amendments achieved their aim?
  • dividend access shares post-TA 2012/4 and TD 2013/D5 – where do the pitfalls lie?
  • how will the small business concessions interact with the proposed changes tothe taxation treatment of earnouts?
  • incorporation of partnerships – are you shooting yourself in the foot?
  • lastly, perhaps the most difficult area lies in determining the market value of CGTassets, in light of a raft of recent cases where the Commissioner has challengedthe taxpayer’s valuation of CGT assets.

Author profiles:

Anna Berryman CTA
Anna is a Chartered Accountant and Manager in the BDO Corporate & International Tax division in Brisbane. Her expertise includes the management and delivery of all aspects of corporate tax compliance and consulting in areas including tax planning and structuring, international tax and capital gains tax including small business capital gains tax concessions. Current at 07 November 2013 Click here to expand/collapse more articles by Anna TRAN.
Angela Hicks CTA
Angie is a Chartered Accountant and a Tax Partner of BDO in Brisbane. Angie helps large private and small to medium public enterprises navigate complex tax regimes to provide practical and commercial business solutions. Her expertise includes domestic and international corporate tax including tax planning and structuring, tax consolidation, transaction advice and support, tax risk management, CGT planning and advisory, and cross-border transactions (inbound and outbound). Current at 07 November 2013 Click here to expand/collapse more articles by Angie HICKS.

This was presented at 21st National Tax Intensive.

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