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CGT small business concessions presentation


Two press releases issued by the Treasurer as part of the May Federal Budget (Nos. 038 and 039) proposed some important changes to the CGT Small Business Concessions, which significantly expand their scope. This presentation examines the proposed changes, including the following:

  • Changes to apply from 1 July 2006
    • $5m maximum net asset value test
    • active asset test
    • SB CGT Affiliates
    • significant individual test
    • application of the concessions in the event of death of significant individual
    • changes to specific concessions
  • changes to apply from 1 July 2007
    • $5m threshold to increase to $6m
    • STS taxpayers to qualify regardless of $6m threshold.

Author profile:

Paul Ingram CTA
Paul is a Partner at Minter Ellison and practises in all areas of taxation law, with a particular focus on CGT, business structures, GST and stamp duty. Paul is a member of the Institute's SA Technical Resource Committee, and represents that committee on RevenueSA's SA State Taxes Liaison Group. He is also a member of the Institute's national Not-for-profit Technical Committee, and until recently represented that committee on the ATO's Not-for-Profit Advisory Group. He is also an active member of the Taxation Committee of the Law Council of Australia. Current at 27 January 2016 Click here to expand/collapse more articles by Paul INGRAM.

This was presented at Alice Springs Seminar.

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CGT small business concessions

Author(s):  Paul INGRAM

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