The CGT small business concessions have now been with us for over five years, but continue to be difficult to apply in practice. This paper examines the different concessions, with a particular focus on the following aspects:
- connected entities
- small business CGT affiliates
- $5m net asset test
- active asset test
- controlling individuals.
These issues are explained with the use of practical examples involving common business structures (including companies, partnerships and trusts).