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  2011

Small Business CGT - Common Mistakes & Opportunities

Source: Victoria

Published Date: 8 Nov 2011

 
The ATO are currently reviewing small business CGT concessions claims. Recent ATO reviews have highlighted the several key risk areas associated with applying the small business CGT concessions when not all the facts and not all the technical issues are bedded down properly.

Further, contributions into superannuation in reliance on the small business CGT concessions applying can become non concessional contributions. Mistakes within the small business CGT concessions could expose the client to excess contributions tax which on a nightmare scenario can be 90%+ on $1 million of super contributions.

This event highlighted the issues that are common risk areas within the small business CGT concessions to help you take advantage of some of the opportunities that exist within them.

The tax issue entry system - Issue for submission can be downloaded from:Tax Issues Entry System: Issues

TIES: Issue for submission can be downloaded from:TIES - Issue for submission

Claiming CGT concessions for small business can be downloaded from:Claiming CGT concessions for small business

Small business CGT mistakes

Author(s): Noel Beharis CTA
Materials from this session:

Details

  • Published On:8 Nov 2011
  • Took place at:Kooyong Lawn Tennis Club, Kooyong

The material is copyright. Apart any fair dealing for the purpose of private study,

research critisism or review, as permitted under the copyright Act, no part may be rerpoduced by any process without written permission from The Tax Institute.

Unless expressly stated, opinions are not that of The Tax Institute, which accepts no responsibility for the accuracy of any of the information contained within it.

This material is copyright. Apart from any fair dealing for the purpose of private study., research, critisism or review, as permitted under teh copyright Act, no part may be reproduced by any process without written permission from The Tax Institute.

Unless expressly stated, opininons are not that of The Tax Institute, which accepts no responsibility for the accuracy of any of the information contained within it.

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