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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
David is admitted to practice in New South Wales, Queensland, Victoria, the Northern Territory, the Australian Capital Territory, New Zealand, Papua New Guinea and the Courts of Dubai International Financial Centre. He was first appointed Queen’s Counsel in 1986 and holds that office in all the above Australian jurisdictions. He currently practices in Sydney (Ground Floor Wentworth Chambers) and Brisbane (Sir Harry Gibbs Chambers) with a principal focus on revenue law generally. He has acted for Commonwealth and State Governments as well as individuals and corporations. He has had a long connection with the Taxation Institute of Australia including being its President from 1993 to 1995 and President of the Asia Oceania Tax Consultants Association from 1996 to 2000.
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This was presented at Trusts, Reform and Business Dealing .

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Individual sessions

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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