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Small Business Intensive: Charting a steady course

Published on 29 Oct 2004 | Took place at Fremantle Sailing Club, WA

This seminar covered the following topics:
- pressing GST issues for small business
- when is a small business not a small business?
- CGT small business - certainly not simple business - concessions
- legislative changes for DIY super
- distributing from trusts.

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Individual sessions

Pressing GST issues for small business

Author(s):  Tony INCE This paper covers the following topics:
- tax partnerships - who sells what to whom and who is liable for GST?
- joint ventures - who supplies what to whom, who is liable for GST and when (and why should we care)?
- margin scheme update - the law, ATO interpretation and the reality
- sale of a going concern - an anti-avoidance measure?
- the latest GST schemes. Yes, the GST legislation does have a GAAP
- everyday issues from GST cases to date.

Materials from this session:

When is a small business not a small business?

Author(s):  Guy BRANDON One person's small business may be a government instrumentality's medium sized enterprise.

Small business is a term that is often used to define a part of the commercial sector that requires specialised assistance; both monetarily and administratively.

However, for each level of assistance there are differing thresholds that must be satisfied. The number of thresholds appears to be multiplying and they are not necessarily consistent.

This paper brings together a number of areas where small business receives assistance and highlights the thresholds that need to be satisfied.

Materials from this session:

Legislative changes for DIY superannuation

Author(s):  Dean WATSON Reasonable benefit limit planning is not only dynamic, it is essential when planning superannuation structures for clients in both accumulation and retirement phases. Practitioners should ensure they are aware of current legislation, industry practices and contemporary strategies that can be implemented to maximise the position for their clients.

This paper uses a range of case studies to provide an insight into strategies and take full advantage of opportunities afforded by DIY superannuation funds in relation to key RBL rules and issues.

This paper includes minor updates made by the author for presentation at the Small Business Intensive held in Fremantle on 29 October 2004.

Materials from this session:

CGT small business - certainly not simple business concessions

Author(s):  Ken SCHURGOTT

This paper covers the tricks and traps of gaining access to small business CGT concessions. It includes consideration of:

  • trust structuring issues
  • calculation the $5.0m test
  • applying the 80% active asset
  • accessing the retirement exemption
  • using the rollover concession effectively
  • super fund interaction
  • implications of consolidating.
Materials from this session:

The trust has served its purpose

Author(s):  Ken SCHURGOTT

What are the difficult isues in distributing from trusts? This paper contains a detailed analysis of issues including:

  • winding up trusts
  • what are the dangers when trying to get the money out?
  • effective intervivos capital distributions
  • the complex issues arising from CGT events
  • how can we effectively wind up trusts on death of the main players?

This was also presented by the author at the Small Business Intensive held in Fremantle, WA, on 29 October 2004.

Materials from this session: