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An iceberg sunk the Titanic

Taxation in Australia | 1 Nov 10
 
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Published on 01 Nov 10 by "TAXATION IN AUSTRALIA" JOURNAL ARTICLE

Access to the CGT small business concessions depends on satisfying four basic conditions that, in turn, rely on layered conditions which focus on the characteristics of CGT assets and entities. This article explores, with 19 examples, complexities that arise when a company owned by Mum and Dad is the trading entity. Unanticipated outcomes highlight the difficulty of planning and protecting a client's exit strategy. Comparative results tables are included.

Author profiles

Anthony Evans
Tony is the founding director of Gustax Consulting Pty Ltd (trading as “Just Tax Consulting”). - Current at 01 November 2010
Christopher Wallis
Chris Wallis, CTA, Barrister and Accredited Mediator has over 35 years in practice. Chris’ has earned reputation for achieving satisfactory outcomes for clients in long and difficult disputes with revenue authorities by doing the “hard yards” and without having his clients enter the witness box. Day to day Chris’ work involves working with practitioners to fend off the TPB; SMSF members/directors to fend off the Regulator; and family lawyers and accountants in a relationship breakdown to trace assets and identify tax exposures. Chris provides easily read and comprehensive advice in relation to trusts or real property and is a regularly published author. Over 35 years Chris has delivered more than 150 presentations around Australia for the various professional bodies, the Australasian Tax Teachers Association, the Television Education Network, the Tax Bar Association, and the late Gordon Cooper’s Problems in Practice. - Current at 23 July 2024
Click here to expand/collapse more articles by Chris WALLIS.

 

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