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Tax Issues for SMEs and Owners Post the 2006 Budget

Published on 15 Aug 2006 | Took place at Leonda by the Yarra, Hawthorn, VIC

The 2006 Federal Budget foreshadowed significant changes for SMEs and their owners. An early understanding of the nature and scope of the proposed changes is essential for advisers. Tax advisers must also make sure they are on top of the superannuation changes or miss some great opportunities. This is the biggest reform of the superannuation industry over the past 20 years.

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Individual sessions

Super strategies for small business

Author(s):  Daniel BUTLER

The Budget superannuation announcements are by far the biggest seen for more than 20 years. There are great opportunities both before and after mid 2007. Tax advisers must now more than ever make sure they are on top of these changes as they will impact everyone and superannuation is now much more tax efficient. This presentation covers:

  • pre-1 July 2007 planning
  • post-1 July 2007 planning
  • impact on pensions - tips & traps
  • impact on SME business owners and business real property
  • impact on estate and succession planning
  • employer ETPs - major changes.
Materials from this session:

The 2006 budget - small business CGT changes

Author(s):  Keith JAMES

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 paper 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.
Materials from this session: