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Small business concessions

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Published on 01 Feb 14 by "TAXATION IN AUSTRALIA" JOURNAL ARTICLE

Division 152 of the Income Tax Assessment Act 1997 (Cth) provides a range of capital gains tax (CGT) concessions for small business taxpayers. It is arguably one of the most complex Divisions in the tax legislation, and has been frequently amended. It has generated a number of court cases, and continues to be the focus of Australian Taxation Office reviews and audits. This article covers the key areas where uncertainties and challenges arise for taxpayers in the context of the CGT small business concessions.

The article discusses what a liability is for the purposes of the concessions. Recent amendments to the concessions are assessed to determine whether the amendments have achieved their aims. The interaction of CGT small business concessions with proposed changes to the tax treatment of earnouts is discussed, along with the implications of incorporating a partnership and the determination of the market value of CGT assets.

Author profiles

Angela Hicks CTA
Angie has over 20 years of experience in Big4 and mid-tier accounting firms, most recently with KPMG as a specialist tax partner. Angie’s key focus area is corporate and international tax for listed and large private companies. Angie also works with small to medium businesses helping them to navigate complex tax issues and ATO negotiations. She specialises in providing complex tax advice in areas such as corporate structuring and planning, mergers & acquisitions, tax consolidations, financing arrangements, inbound and outbound expansion, ATO reviews and audits and general tax compliance. Angie works with her team and a broad range of diverse clients to provide direct, understandable and practical tax effective solutions in line with commercial objectives. - Current at 01 September 2020
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Anna Berryman CTA
Anna is a Chartered Accountant and Manager in the BDO Corporate & International Tax division in Brisbane. Her expertise includes the management and delivery of all aspects of corporate tax compliance and consulting in areas including tax planning and structuring, international tax and capital gains tax including small business capital gains tax concessions. - Current at 07 November 2013
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