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Unwanted Company? CGT and Dividend Issues on Exiting Private Companies seminar paper


Companies are generally regarded as inappropriate vehicles for holding appreciating assets.

This seminar paper explores income tax and CGT issues arising from sale of a business and the voluntary liquidation of a private company and considers a number of practical issues including:
- the tax impact on pre and post CGT shareholdings
- what changes matter for a pre or post CGT business
- dividend distribution issues for interim and final distributions
- how the distribution affects pre CGT and tax-free amounts
- franking account issues under the new rules
- the operation of CGT concessions at the corporate level including the small business concessions
- eligibility at shareholder level for the 50% CGT discount
- treatment of the capital proceeds for the cancellation of shares, including the associated dividend issues.

Author profile:

Graeme is Professor of Taxation Law at the University of Sydney and Chairman of the NSW Technical Committee. He has worked as a consultant to the ATO, Treasury, Board of Taxation, OECD, World Bank and IMF. He is a frequent speaker at Taxation Institute events and has written many articles in Australian and overseas journals. He was admitted to legal practice in NSW (1980) and Victoria (1999) and practised commercial law and tax in Sydney before entering teaching. He has taught tax in Law Schools in Australia, Europe and the United States, and holds degrees from the University of Sydney, University of Illinois and Columbia University, New York.
Current at 12 March 2008 Current at 03 April 2008 Click here to expand/collapse more articles by Graeme S COOPER.


This was presented at Small Business Intensive .

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