Recorded Webinar: Back to Basics: The Practical Aspects of the CGT Small Business Concessions

This webinar is part of TEN’s “Back to Basics” range of webinars which are specifically produced for junior practitioners. This webinar is priced at only $99 as our way of giving back to the profession and providing a cost effective means for firms to provide CPD for junior practitioners.

The small business CGT concessions can provide generous relief from CGT if certain eligibility conditions are met. For some situations, working through these conditions can be an extremely complex process before arriving at the conclusion that either, yes, eligibility has been satisfied for an extremely positive result, or no, the process you have painstakingly worked through unfortunately hasn’t achieved any real benefit. This session explores some of the intricacies of the concessions, including:

• How to determine whether shares or trust interests can be active assets
• The effect “connected entities” have on the concessions
• How to determine who controls an entity for the connected entity test
• When the active asset test may be passed or failed, including:
  • the “main use to derive rent” test (Del Castillo v FC of T [2022] AATA 4233)
  • properties leased to associated entities (TD 2006/63)
• How practitioners can add value years before a CGT event by monitoring:
  • the 80% active asset test for shares or interests in trusts
  • the distributions from a discretionary trust for the connected entity test
• Non related unitholders of a unit trust conducting a business with one wanting to buy the other out – the steps to determine if concessions available
• Accessing the 15 year exemption, including:
  • what does and doesn’t satisfy “retirement”
• Case study