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The 2006 budget - small business CGT changes presentation


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 presentation 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 Partner at Hall and Wilcox and is a member of the Taxation and Private Clients practice groups. Keith is a key figure in the tax advisory profession. He has been the Deputy Chair of the Board of Taxation since early 2011 and a member since 2004. His involvement has 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. Keith was for many years 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. He is a director of Dennis Family Holdings. Current at 17 October 2013 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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