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Small Business Concessions: They still are not simple to apply!

Published on 28 Jul 2009 | Took place at Swissotel, Sydney, NSW

The Government has recently passed the third round of substantial amendments to the small business CGT concessions. The amendments mainly fix problems that arose out of the last two sets of changes and the introduction of the simple super rules.

There continue to be areas where the law does not work as expected and traps for the unwary.

This event addressed what has recently changed and what you need to consider when structuring for and trying to access the concessions.

Individual sessions

Small business CGT concessions: They still are not easy to apply!

Author(s):  Andrew Noolan

This paper addresses what has recently changed and what you need to consider when structuring for and trying to access the concessions, including that:

  • rollovers to superannuation are now available after the 2-year rollover concession
  • your spouse is not usually your affiliate - but for some purposes is (this is relevant to the active asset and other threshold tests)
  • you cannot carry on a business as a partner and so be a small business entity, but you may pass the $6 million test
  • the rules dealing with liabilities relating to assets have been fixed.
Materials from this session: