Where available, the small business CGT concessions remain some of the most powerful concessions available under the Australian tax law. This session delved into the tricky issues, traps and planning opportunities arising from the presenter’s experience in advising on the concessions in practice. Topics covered include:
- Connected entities and affiliates – strategies and timing issues
- $2M turnover test – what’s in, what’s out?
- Maximum net asset value test – issues with intragroup loan accounts and forward planning
- Companies with different classes of shares – can the concessions ever be accessed?
- 15-year exemption – what is retirement and can it span across multiple CGT events?
- Using the replacement asset roll-over in conjunction with other concessions; and
- Active assets becoming passive – use it or lose it.