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Small business capital gains tax concessions and the simplified tax system

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Published on 28 Feb 00 by TASMANIAN DIVISION, THE TAX INSTITUTE

This paper examines the capital gains tax concessions implemented in the August 1996 Budget, regarding the taxation of small businesses. Two main concessions were the CGT roll-over relief and the retirement exemption. The initial legislation in relation to these have undergone a number of changes since it was introduced. In the wake of the Ralph Review, the New Business Tax System (Capital Gains Tax) Act 1999 No. 165 1999 was introduced by Government. The paper deals with the small business concessions as set out in the Act. Where there have been significant changes made to the previous rules these are noted.

Author profiles

Matthew Burgess CTA
Photo of author, Matthew BURGESS Matthew Burgess, CTA co-founded specialist firm View Legal in 2014, having been a lawyer and partner of one of Australia’s leading independent law firms for over 17 years. Matthew’s passion is helping clients successfully achieve their goals. Matthew specialises in tax, and estate and succession planning, providing strategic advice to business owners and high net worth individuals. He has been recognised in the Best Lawyers list since 2014 in relation to trusts and estates and either personally or as part of View Legal in Doyles since 2015 in relation to taxation, and since 2017 in relation to wills, estates and succession planning. In part leveraging off the skills he has developed working in the SME market space, Matthew has been the catalyst for a number of innovative legal solutions for advisers and their clients, including establishing Australia’s first virtual law firm. - Current at 24 February 2025
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Peter McKnoulty CTA
Peter is a Consultant at McCullough Robertson, having been a partner with the firm from July 1986 to December 2011. His practice focuses on tax and commercial law with an emphasis on estate planning, taxation, tax planning, business structuring, business succession and family business intergenerational transfer. He is also the Founder of Transition Planning Australia, which helps business owners, professionals and others plan the transition from business or full-time work to the next phase of their lives. Its programs help to develop work-life balance at all stages of a career. TPA’s belief is that everyone is entitled to a happy and healthy life both during and after full-time work. Peter has degrees in Commerce and Law (with Honours) from the University of Queensland. - Current at 12 July 2018
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This was presented at Preparing for the big 3 - GST, RBT and superannuation .

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