Deals with the basic conditions required for small businesses to qualify for any capital-gains tax (CGT) concessions. Conditions for a 15-year exemption from CGT; How to qualify for a 50 percent reduction in CGT; Availability of the retirement exemption; How the small business asset rollover ...
On 21 September 1999 Division 152 was inserted into the Income Tax Assessment Act (1997) (ITAA 1997).Division 152 contains the small business CGT concessions, which enables eligible small business taxpayers toreduce the amount of tax payable on capital gains arising from certain CGT events that ...
These measures would extend the definition of an eligible CGT asset to include shares in a small business entity (SBE) company and units in an SBE unit trust, possibly introducing an "active asset test", and allow for continuation of the ownership period under the small business 15-year CGT...
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CGT concessionsThe current range of CGT concessions available for small business operators in Australia is arguably the most generous regime of its kind anywhere in the world. There are four separate concessions potentially available to Australian taxpayers, namely, the 15 year exemption in Subdiv 152...
This article discusses several issues relating to the amendments to the capital gains tax small business concessions; in particular, the specific threshold tests for eligibility and the associated definitions of "connected with" and "affiliate". It also outlines a number of perceived anomalies and ...
[297] CGT small business concessions too complex, too hard: ICAA.(capital gains tax)(Institute of Chartered Accountants in Australia)(Brief Article)Hayes, Terry
On 21 September 1999 Division 152 was inserted into the Income Tax Assessment Act (1997) (ITAA 1997). Division 152 contains the small business CGT concessionsSadiq, KerrieMarsden, StephenSocial Science Electronic Publishing
Death and the small business CGT concessionsManapakkam, ArchanaTaxation in Australia
It relates the changes in accessing CGT concessions which is designed to increase accessibility in situations where the disposer of the asset does not actually carry the business. It also highlights some observations how the changes can add complexity of its rules that need to be satisfied for ...