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Small business concessions paper

Published on 07 Nov 13 by NATIONAL DIVISION, THE TAX INSTITUTE

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

Angela Hicks CTA
Angie has over 20 years of experience in Big4 and mid-tier accounting firms, most recently with KPMG as a specialist tax partner. Angie’s key focus area is corporate and international tax for listed and large private companies. Angie also works with small to medium businesses helping them to navigate complex tax issues and ATO negotiations. She specialises in providing complex tax advice in areas such as corporate structuring and planning, mergers & acquisitions, tax consolidations, financing arrangements, inbound and outbound expansion, ATO reviews and audits and general tax compliance. Angie works with her team and a broad range of diverse clients to provide direct, understandable and practical tax effective solutions in line with commercial objectives. - Current at 01 September 2020
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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
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This was presented at 21st National Tax Intensive .

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