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Increase Access to the Small Business Capital Gains Tax Concessions via the $2 Million Aggregated Turnover Test

Date:

Tuesday, 14 October 2008

Content ID:

1411

Abstract:

The Government announced in the 2008-09 Budget that it will increase access to the small business capital gains tax (CGT) concessions for taxpayers owning a CGT asset used in a business by a related entity and for partners owning a CGT asset used in the partnership business, with effect from the 2007-08 income year.

Currently, the small business entity test does not cover business structures where the CGT asset is owned by an entity but is used in a related entity which carries on the business. In addition, for partnerships, the small business entity test requires the taxpayer making a capital gain to be a partner in the partnership and for the asset to be an asset of the partnership.

The Government has developed draft legislation to implement this change and to make other related changes. The draft legislation and Explanatory Memorandum is now available to provide interested parties with an opportunity to comment on the proposed legislative amendments and Explanatory Memorandum for the measure and the related changes.

Interested parties are invited to comment on the draft legislation. While submissions may be lodged electronically, by post or by facsimile, electronic lodgment is preferred. For accessibility reasons, submissions made electronically should be sent in RTF or Word format. An additional PDF version may also be submitted.

The closing date for submissions is: Wednesday, 26 November 2008

Written submissions should be addressed to:

The General Manager
Business Tax Division
The Treasury
Langton Crescent
PARKES ACT 2600

Fax: (02) 6263 4466

Email: cgt_smallbusiness@treasury.gov.au

Submissions will be made available to the public on the Treasury website unless you clearly indicate that you would like all or part of your submission to remain confidential. Automatically generated confidentiality statements in emails do not suffice for this purpose. A request made under the Freedom of Information Act 1982 for access to a submission marked confidential will be determined in accordance with that Act.

Documents Available:


Acrobat (PDF) documents

 Acrobat (PDF)

Explanatory Memorandum  124.66kb
Exposure draft Legislation  66.12kb
Consultation Summary  41.24kb

Microsoft Word (RTF) documents

 Microsoft Word (RTF)

Explanatory Memorandum  796.48kb
Exposure draft Legislation  822.75kb
Consultation Summary  455.79kb

Related Items:

Submissions: Increase Access to the Small Business Capital Gains Tax Concessions via the $2 Million Aggregated Turnover Test - 23/12/2008
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