Access To Small Business CGT Concessions
The Government has announced it will tighten access to the small business Capital Gains Tax (CGT) concessions from July 1, 2017. As part of its tax integrity package, the Government’s proposed changes will mean the CGT concessions can only be used in relation to assets used in a small business or ownership interest in a small business. This is purportedly aimed at taxpayers with an ownership interest in larger business entities that may currently be excluded when considering the eligibility threshold for the concessions.
The small business CGT concessions will continue to be available to small businesses with an aggregated annual turnover of less than $2 million or net assets of less than $6 million. The Government has not provided any further details on this measure and the breadth of these changes is currently uncertain. The disposal of business assets after 1 July, 2017 should be carefully considered in light of the announced changes.
Click HERE to download the full edition of The Business Accelerator Magazine for June 2017
Other Articles in This Edition:
Some of the Biggest Mistakes Small Businesses Make With Their Websites
Federal Budget – Economic Summary
Small Business - $20k Small Business Immediate Tax Deduction
Small Business - Company Tax Rates
Small Business - Extension of Taxable Payments Reporting to Courier and Cleaning Industries
Small Business - Looking to Employ Foreign Workers?
Individual Tax Rates
Individuals - Changes to the Medicare levy
Restricting Residential Investment Property Deductions
Individuals - Higher Education Reform
Superannuation - Contributing Proceeds from Downsizing to Superannuation
Superannuation - First Home Super Saver Scheme
GST Changes - Purchasers to Pay GST on New Residential Premises
GST Changes - Digital Currency & Low-Value Imports
Tax Integrity Measures
DISCLAIMER: This document contains general advice only and is prepared without taking into account your particular objectives, financial circumstances and needs. The information provided is not a substitute for legal, tax and financial product advice. Before making any decision based on this information, you should speak to a licensed financial advisor who should assess its relevance to your individual circumstances. While the firm believes the information is accurate, no warranty is given as to its accuracy and persons who rely on this information do so at their own risk. The information provided in this bulletin is not considered financial product advice for the purposes of the Corporations Act 2001.