The small business CGT concessions are commonly used, but applying the rules can be complicated and the consequences of getting them wrong are often significant. This session covers specific details of the concessions to highlight the traps seen in real-life examples. The ATO are focused on these concessions, so some of the common errors will be discussed, including:
- Connected entities & affiliates – Are you sure you got them all?
- Rollovers gone wrong
- Active asset – Risk areas
- Significant individuals and stakeholder issues
- Getting the payments and mechanics of the concessions wrong; and
- Other risk areas.