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CGT small business concessions paper

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DisclaimerThis material is copyright. Apart from any fair dealing for the purposes of private study, research, criticism or review, as permitted under the Copyright Act, no part may be reproduced by any process without written permission from The Tax Institute.
Unless expressly stated, opinions are not that of The Tax Institute, which accepts no responsibility for the accuracy of any of the information contained within it.

Published on 22 Nov 08 by NATIONAL DIVISION, THE TAX INSTITUTE

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.

Author profile

Richard Friend
Richard spent most of the first 23 years of his professional career in Brisbane in the tax practice of Andersen and then Ernst & Young. He now operates a tax consulting business through Balena Tassa Pty Ltd. Richard has particular expertise in tax and related structuring issues for the private client market. Most of his work is done by way of consulting to, and providing training for, accountants and lawyers around Australia who operate in these areas. - Current at 19 May 2017
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This was presented at Conquering CGT .

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