The Budget CGT announcements address important small business CGT concession issues raised in the Board of Taxation’s October 2005 report to Government plus some important additional concessions. This presentation elaborates on the following points:
- the “controlling individual” test is to be replaced by a “significant individual” test
- the new test will now take into account indirect ownership interests
- almost all recommendations of the Board of Taxation for improvements to the Small Business CGT concessions have been accepted by the Government
- the Commissioner has already addressed some administrative aspects of the announced changes by release of ATO IDs
- new structuring and exit options will emerge from the changes.