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The 2006 budget - small business CGT changes paper

Published on 15 Aug 06 by VICTORIAN DIVISION, THE TAX INSTITUTE

The Budget CGT announcements address important small business CGT concession issues raised in the Board of Taxation’s October 2005 report to Government plus some important additional concessions. This paper elaborates on the following points:

  • the “controlling individual” test is to be replaced by a “significant individual” test
  • the new test will now take into account indirect ownership interests
  • almost all recommendations of the Board of Taxation for improvements to the Small Business CGT concessions have been accepted by the Government
  • the Commissioner has already addressed some administrative aspects of the announced changes by release of ATO IDs
  • new structuring and exit options will emerge from the changes.

Author profile:

Keith JAMES
Keith is a partner at Hall & Wilcox, and is a member of the Family Business & Wealth Management and Taxation practice groups. Keith is a key figure in the tax advisory profession. In March 2004 he was appointed to the Board of Taxation. His involvement has extended to Chairman of the Public Accountants Committee, Victorian President, National Councilor, Chairman of the Taxation Centre of Excellence and the National Tax Advisory Committee for CPA Australia. Keith was the accounting profession representative on the Commissioner of Taxation’s Advisory Panel, his National Liaison Committee and the Advisory Committee on the Taxpayers Charter. He was joint Chairman of the working party on the National Review of Standards of the Tax Profession and a member of the steering committee of the Pappas Carter Report reviewing the Australian Taxation Office’s large case audit program.
Current at 20 August 2007 Current at 29 August 2007 Click here to expand/collapse more articles by Keith JAMES.
 

 

This was presented at Tax Issues for SMEs and Owners Post the 2006 Budget .

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Super strategies for small business

Author(s):  Daniel BUTLER

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