The current range of CGT concessions available for small business operators in Australia is arguably the most generous regime of its kind anywhere in the world. There are four separate concessions potentially available to Australian taxpayers, namely, the 15 year exemption in Subdiv 152-B of the Income Tax Assessment Act 1997 (Cth), the 50 per cent reduction in Subdiv 152-C, the retirement exemption in Subdiv 152-D and the rollover in Subdiv 152-E of that Act.
These provisions are currently (early 2007) undergoing extensive revision, primarily as a result of recommendations made by the Board of Taxation following its post implementation review of the concessions in 2005. In this paper, Professor Evans examines the legislative and administrative amendments that have been implemented, or are currently in the process of being implemented, as a result of the acceptance by the Treasurer and the Australian Taxation Office (“ATO”) of most of the recommendations made by the Board of Taxation.
Date of this Version
Chris Evans, "Alive and thriving – the revised regime for CGT small business concessions" (April 2008). University of New South Wales Faculty of Law Research Series 2008. Working Paper 22.