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These notes are intended to be a guide only. None of the comments contained in these seminar notes are intended to be advice, whether legal, financial or professional. You should not act solely on the basis of the information contained in these notes because many aspects of the material have been generalised and the tax laws apply differently to different people in different circumstances. Further, as tax and related laws change frequently, there may have been changes to the law since the notes were written. Specific advice should always be obtained from a tax professional.
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Notes Online Home 2014 Practice One-Offs CGT small business concessions
In this chapter of the notes we discuss CGT small business concessions. In particular, the following broad topics:
- Getting started – information gathering
- Overview of the ‘basic conditions’
- Passing the active asset test
- The Small Business Entity (‘SBE’) test
- Satisfying the maximum net asset value test
- Applying capital losses, the CGT general discount and the SBCs
- The 15-year exemption
- The 50% reduction
- The retirement exemption
- The small business roll-over
- SBC guide – key concepts defined