NEW ‘INTEGRITY’ MEASURES FOR THE SMALL BUSINESS CGT CONCESSIONS – SIGNIFICANT CHANGES WHEN SELLING SHARES OR UNITS

By Andrew Henshaw, John Storey and Rajan Verma

Treasury has recently released draft legislation that significantly restricts the availability of the small business CGT concessions. The changes are labelled as ‘integrity measures’ which implement an announcement in the 2017-18 budget.

However, the changes go much further than the budget night announcement and will significantly restrict the availability of the small business CGT concessions (the Concessions) where shares or units are being sold. Worse still, the changes are proposed to take effect from 1 July 2017, which means that some taxpayers may already be caught out.

Insight Authors…

ANDREW HENSHAW

Managing Director

Andrew acts for a diverse range of private businesses, high net-wealth individuals and family groups. He specialises in business structuring, tax disputes and complex tax issues. He is passionate about leading by example, getting wins for his clients, solving difficult legal issues and … snowboarding!

 
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JOHN STOREY

Senior Consultant

John is an expert at solving complex tax, business and succession issues. He has a wealth of legal and practical business experience and he understands that tax does not operate in a bubble. John is a self-confessed tax nerd. He even loves Star Wars. He may just be able to save you or your clients from the dark side!

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RAJAN VERMA

Director

Rajan is all about tax structuring and restructuring. He gets satisfaction from helping his clients obtain real tax benefits, such as CGT concessions or stamp duty exemptions. He has also learnt that saving tax is a great way to make friends. When things get too hard, Rajan is the guy you need to sort things out.

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