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The small business CGT concessions are very generous for those who meet the relevant conditions. However, the rules can also be very complex and difficult to apply in practice and claims made under the concessions are at a high risk of being reviewed by the ATO. Also, recent changes to the rules mean that extra tests need to be satisfied to access the concessions in some cases.
This 3-part series focuses on the key aspects of the small business CGT concessions in a methodical and practical way. Across the series we cover a wide range of issues including the problem areas that often prevent clients from accessing the concessions and the solutions that might make the difference, maximising the tax effectiveness of the concessions, planning opportunities for clients who are thinking of selling business assets, and preparing clients for a CGT audit.
Ideal for senior accountants and above. Valuable to anyone who needs to grasp the pragmatic impact and application of the small business CGT concessions.
12:00pm - 1:15pm AEST in ACT, NSW, QLD, TAS & VIC
11:30am SA & NT | 10:00am WA
Friday 23 August 2019
Before applying the basic conditions to access the small business CGT concessions, it’s important to work through the various grouping rules. Understanding these rules is vital as they can have a significant impact on whether an asset can pass the active asset test, whether a taxpayer can pass the $6m net asset value test, and whether a taxpayer can pass the $2m turnover test.
We also explain the concepts of a significant individual and CGT concession stakeholder and what this means in practice. These are relevant whenever a company or trust wants to apply the retirement exemption or 15 year exemption or whenever a taxpayer is selling shares in a company or units in a trust.
This webinar works through a series of practical issues accountants & advisers face:
Tuesday 27 August 2019
A number of basic conditions need to be satisfied in order to access the small business CGT concessions. Unless these conditions can be satisfied, clients cannot utilise the concessions to reduce their capital gains.
This is where a lot of mistakes are made and where the ATO often focuses its audit and review activities when assessing claims made under the small business CGT concessions.
The aim of this webinar is to ensure that practitioners are comfortable working through the various tests to know what information needs to be gathered, maintained and analysed.
Some of the specific issues we explore include:
Thursday 5 September 2019
What happens after the basic conditions have been satisfied? This webinar works through the extra conditions that must be met to apply specific concessions and discusses strategies to maximise the tax outcome for clients.
The rules contain strict requirements dealing with the extraction of capital proceeds from a company or trust that has made a capital gain. We address the practical issues that need to be considered and opportunities for extracting the funds in the most tax efficient manner.
This webinar includes:
Tax Director, Knowledge Shop
Michael oversees the development of the tax team for Knowledge Shop and Hayes Knight in Sydney and is head of the Hayes Knight group’s national tax committee.
Michael has a knack for seeing through the complexity and helping practitioners work through highly technical issues with certainty and accuracy.
Michael is a member of the advisory panel for the Board of Taxation and is a member of the reference group for the Board’s review of small business concessions. He was also an expert panel member for the Board’s review of tax impediments facing small business.
Terms & conditions: All registrations to Knowledge Shop events are subject to our terms and conditions which include a cancellation policy. No refunds are provided for cancellations received 1 day prior to the webinar. No credits are available less than 2 hours prior to the event under any circumstances.
*The office rate applies per office location (maximum 10 participants per office location). The PD points for all attendees will be recognised - multiple links at same location if required. We will contact you for the names of your team once you have registered as an office.
You will need a computer with audio!!