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The 2006 budget - small business CGT changes paper


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 CTA
Keith is a Consultant at Hall and Wilcox within the Taxation group. He has been a key figure in the tax advisory profession for many years. Keith was a member of the original Breakfast Club organising committee, and was actively involved in its development for many years. From 2004, Keith was a member of the Board of Taxation for 10 years and during the last four he was the Deputy Chair of the Board. His involvement has also extended to Chairman of the Public Accountants Committee, Victorian President, National Councillor, Chairman of the Taxation Centre of Excellence and member of the National Tax Advisory Committee for CPA Australia. For many years Keith was a member of The Tax Institutes Victorian and National Education Committees. In October 2008, he was awarded a Meritorious Service Award by the Institute. Keith has had extensive experience in the construction and development fields, and he is also a director of Dennis Family Holdings. - Current at 16 November 2016
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This was presented at Tax Issues for SMEs and Owners Post the 2006 Budget .

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