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Conquering CGT

Published on 20 Nov 2008 | Took place at Sheraton Noose resort & Spa, National

This event was the 16th National Tax Intensive Retreat and was held 21-23 August and repeated 20-22 November 2008.

This event took a fresh look at selected CGT issues of practical importance to practitioners and their clients. Although CGT has been with us for over 20 years it still abounds in thorny issues and traps for the unwary. There are also many opportunities for minimising CGT through the use of rollovers and other concessions, but these concessions themselves involve arcane rules that require careful analysis.

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Individual sessions

CGT and partnerships

Author(s):  Christopher KNOTT

This paper covers:

  • disposals and acquisitions of partnership assets
  • continuation of partnerships after retirements and new admissions
  • professional work in progress
  • discretionary partnerships.
Materials from this session:

CGT & property

Author(s):  Michelle HARTMAN

This paper covers:

  • CGT assets identification
  • issues with cost base
  • leases
  • small business CGT concessions (Div 152).
Materials from this session:

Part IVA "conquering CGT"

Author(s):  Andrew SINCLAIR

This paper covers:

  • does structuring for access to Div 152 constitute a Part IVA scheme?
  • when does the making of a choice/election not give rise to a tax benefit?
  • what does the exclusion in s.177C(2) really mean in light of Walter's Case?
  • does use of the GVSR 4 year reversal constitute a scheme?
  • when does legitimate restructuring become scheme promotion - re: Keenhilt Pty Ltd as Trustee for the CHC Services Trust v FCT?
Materials from this session:

CGT small business concessions

Author(s):  Richard J FRIEND

This paper explores two recent rounds of amendments to the CGT small business concessions which have applied from 1 July 2006 and 1 July 2007 respectively. These amendments have fundamentally altered the way the concessions work and have consequently impacted upon structuring issues and exit strategy planning issues for clients. This paper focuses on opportunities and issues, including:

  • the small business entity provisions and the benefits of carrying on a business (even in a small way)
  • the maximum net asset value test and the new (narrower) definitions of "affiliate" and "connected with"
  • selling shares or units and the need to carefully manage the distribution process through indirect ownership layers
  • issues with active assets.
Materials from this session:

Distributing trust assets & capital gains selected issues

Author(s):  Ron JORGENSEN

This paper covers:

  • trust principles
  • absolute entitlement
  • default distributions
  • conduit theory of capital distributions
  • non-resident distributions
  • trust cloning exception.
Materials from this session: