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Small business rollover and exemption provisions


Special provisions for small business taxpayers have been part of the capital gains tax framework since the enactment of the original Part IIIA of the Income Tax Assessment Act 1936 ("the 1936 Act"), which provided in Division 19 for concessional treatment of the proceeds of sale of goodwill. Further roll-over and exemption provisions were enacted in Divisions 17A and 17B of that Part with effect from 1 July 1997, relating respectively to a rollover where small business assets were replaced, and an exemption for proceeds of sale of small business assets applied to retirement benefits.

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Author Photo - David Russell CTA-Life
David Russell CTA-Life
David commenced legal practice in 1974. He is admitted to practise in Australia, England and Wales (Lincoln’s Inn), the Courts of the Dubai International Financial Centre, New York (as a Legal Consultant), New Zealand and Papua New Guinea. He was appointed Queen’s Counsel in 1986. David has acted for Commonwealth and State Governments as well as individuals and corporations and was the President of The Tax Institute from 1993 to 1995. Current at 01 October 2014 Click here to expand/collapse more articles by David RUSSELL.

This was presented at Trusts, Reform and Business Dealing.

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Business Dealings

Author(s):  Jane MADDEN

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Resettlements, Trusts and Division 7A

Author(s):  Mark L ROBERTSON

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Trusts and the Ralph Proposals

Author(s):  Kate SWINDON

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Small Business Rollover and Exemption Provisions

Author(s):  David RUSSELL

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