Small Business and CGT Concessions seminar notes, September 2009

The Small Business and CGT Concessions seminar notes present the answers to key questions, including:

• Can you afford to overlook access to substantial tax-free dollars due to a lack of understanding of the concessions?
• How can up to $4 million of capital gain be extracted from an entity tax-free?
• How many times can I utilise the retirement exemption concession?
• If the family operate the business in partnership, but the land & buildings are owned by the family trust, can these assets be "active"?
• When would it be preferable to decline to use the 50% small business active asset reduction concession?
• How can the distributions to beneficiaries of a discretionary trust alter the extent of access to the concessions?
• How the ownership structure of a company or trust is vital to achieving maximum benefit from the concessions.

Workshop overview

• How the ownership/beneficiary structure of a company or trust is vital to obtaining maximum benefit from the concessions.
• Requirements to access the 15 year exemption.
• No statutory cap on the amount of the gain.
• Distribute a gain by a company from a pre CGT asset tax-free.
• Requirements to access the retirement exemption.
• What is required to make a passively held asset used in a business by another entity an ‘active asset'.
• How the ‘problem' regarding the small business entity active asset definition has been rectified.
• How a capital gain can be used to circumvent the nonconcessional super contribution cap of $150,000.
• Why the small business active asset 50% discount and the roll over are usually only a deferral not a permanent benefit.

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