The Small Business CGT Concessions : Evidence from the Perspective of the Tax Practitioner
In: 2019; (2019)
Online
Elektronische Ressource
Zugriff:
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 to reduce the amount of tax payable on capital gains arising from certain CGT events that occur after 11:45 am on 21 September 1999. One of the principal objectives of the legislation is to provide a concessionary regime for small business owners who do not have the same ability to access the concessionary superannuation regime generally available to employees.When announcing the introduction of the concessions the then Federal Treasurer, Mr Peter Costello, specifically stated that the objective of Division 152 was to provide ‘small business people with access to funds for retirement or expansion'. The purpose of this article is to: one, assess the extent to which small business taxpayers understand the CGT small business concessions, particularly when considering the sale of their business; two, determine which of the four small business CGT concessions are most commonly adopted and/or recommended by tax practitioners to clients; and three, to determine whether the superannuation changes in relation to the capping of the concessional superannuation thresholds have had an impact on the use of the small business retirement concession
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The Small Business CGT Concessions : Evidence from the Perspective of the Tax Practitioner
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Autor/in / Beteiligte Person: | Sadiq, Kerrie ; Marsden, Stephen |
Quelle: | 2019; (2019) |
Veröffentlichung: | [S.l.]: SSRN, 2019 |
Medientyp: | Elektronische Ressource |
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