Navigating the complexities of the small business CGT concessions remains a challenge. Although the provisions can be tricky to apply in practice, the upside of successful application can be significant, potentially legitimately saving taxpayers very large amounts in tax. This session explores real-life scenarios focused on the uncertainties in applying the concessions in practice including:
- Tips and traps in applying the maximum net asset value test and aggregated turnover tests
- Application of the ‘active asset test’
- Additional tests to be satisfied where the CGT events in relation to shares in a company or units in a trust
- Common errors in applying the small business retirement exemption and small business roll-over
- Extracting the proceeds of sale from unit trusts and companies tax effectively; and
- (Re)structuring into trouble…Part IVA.