Published on 28 May 08
by NEW SOUTH WALES DIVISION, THE TAX INSTITUTE
Changes to the CGT small business concessions, together with the new definition of small business entity, have made it possible for a larger number of businesses to access tax free capital gains. This paper includes:
- when will a business with net assets of more than $6 million be able to
- access the CGT small business concessions?
- why you no longer need to have an individual with direct ownership of an entity to meet the controlling individual test and to access the retirement concession
- how some of the previous disadvantages of two families in business owning units in unit trusts through their own discretionary trusts have been removed
- when and why would you use a partnership of discretionary trusts to get greater access to the concessions
- keeping the commercial premises as a rental property after all the active business assets have been sold and still being able to access the concessions when the property is sold at a later date
- how much of the capital gain, or the proceeds, can you roll into Superannuation after 1 July 2007?
Jo-anne Hotston CTA
Jo-Anne Hotston, CTA, is a Director of TaxBytes, a specialised tax training business. She is also a Tax Director of Bentleys NSW. Jo-anne is a Fellow of the Institute of Chartered Accountants and a Chartered Tax Adviser of The Tax Institute, and holds a Masters of Taxation from the University of Sydney. Jo-anne has been providing tax training to accounting and legal firms since 1994. She provides monthly tax training to a number of accounting firms throughout Australia from first tier down to smaller firms. Current at 21 October 2015
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