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CGT small business concessions presentation

Published on 24 Nov 06 by SOUTH AUSTRALIAN DIVISION, THE TAX INSTITUTE

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
Paul Ingram FTIA is a Partner of Minter Ellison and practises in all areas of taxation law, but with a particular focus on CGT, business structures, GST and stamp duty. Paul is a member of the National Technical CGT subcommittee, the Taxation Committee of the Law Council of Australia, and represents that committee on RevenueSA's Liaison Group.
Current at 24 March 2009
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This was presented at Alice Springs Seminar .

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CGT small business concessions

Author(s):  Paul INGRAM

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