logo

Small Business Tax Concessions - Assignment

   

Added on  2021-06-18

14 Pages719 Words18 Views
Taxation LawSMALL BUSINESS CONCESSIONS:

Introduction•Small business accounts a sizeable portion of the Australian economy. •The small business contributes more than $1.5 trillion as revenue to the Australian economy.•In spite of their large contributions the small business are unable to attain a large scale benefits than the larger counterparts•The small business CGT concessions helps the taxpayers to reduce or eliminate their capital gains based on sale of certain assets.

Types of Concessions•15 year exemptions •50% reduction in the active assets•Exemptions relating to retirement•Rollover exemptions

Criteria of eligibilityCriteria of eligibilitySatisfying the net asset value test Meeting the test of active assetsWhere the assets are in the form of shares in the company or unit in the trustSatisfying the net asset value test Meeting the test of active assetsWhere the assets are in the form of shares in the company or unit in the trust

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
(PDF) Small Business Taxation
|16
|902
|27

Tax Concessions for Small Business Entities in Australia
|11
|2573
|370

Taxation Law
|6
|688
|24

Taxation Law
|6
|731
|86

Small Business Entity CGT Concessions
|10
|694
|210

Australian Tax: Small Business Entity Provisions, Prepaid Expenses, Loss Offsetting, Purchase Price, Small Business Concessions, Going Concern
|12
|2687
|364