The Tax Institute

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Rollovers - practical strategy and compliance insights

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Rollovers - practical strategy and compliance insights

In the current economic landscape, business owners may be considering a restructure, merger, or demerger to adapt, survive, or enable growth. A change in the structure of a business typically involves either the transfer of ownership interests in the entire business or of specific assets of the business. The disposal of an ownership interest in a business or its assets may trigger tax consequences for the business or business owners on capital or revenue account.

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Session 4: Trusts and small business CGT concessions – Oil and water or peas and carrots?

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Session 4: Trusts and small business CGT concessions – Oil and water or peas and carrots?

The small business capital gains tax (CGT) concessions (Concessions) in Division 152 of the Income Tax Assessment Act 1997 (ITAA 97) offer significant opportunities to reduce or eliminate tax levied on capital gains.1 However, despite a recent judicial pronouncement that the Concessions should be interpreted beneficially,2 the legislative conditions for relief are intricate and complex.

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Super guarantee – Same, same but different

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Super guarantee – Same, same but different

This paper has been built on a previous paper on the superannuation guarantee (SG) regime, titled Super Guarantee – no longer the toothless tiger. That paper was designed to take a holistic examination of the SG regime. In this paper, we have built on that approach and added a number of developments, including:

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Super Guarantee – Same, Same But Different

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Super Guarantee – Same, Same But Different

This paper has been built on a previous paper on the superannuation guarantee (SG) regime, titled Super Guarantee – no longer the toothless tiger. That paper was designed to take a holistic examination of the SG regime. In this paper, we have built on that approach and added a number of developments, including:

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Divorce, death and super – how to exit an SMSF

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Divorce, death and super – how to exit an SMSF

The structure of a self managed superannuation fund (SMSF) is often based on a family unit. A very common SMSF structure is, for example, two spouses as the members and trustees/directors of the corporate trustee.

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Main Residence Exemption: Is It The Devil Or An Angel In The Details?

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Main Residence Exemption: Is It The Devil Or An Angel In The Details?

The capital gains tax (CGT) main residence exemption (CGT MRE) is (arguably) the most generous exemption for post-CGT assets in the income tax legislation. The eligibility requirements are not onerous, and it is available to young and old rich and poor. However, actions, or inactions, can result in loss of the CGT MRE in whole or part.

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Defining the beneficiaries of a discretionary trust

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Defining the beneficiaries of a discretionary trust

This article looks at the scope of the definition of the term “beneficiary” in a discretionary trust deed, and, in particular, examines the ambiguities that sometimes arise in relation to the terms “spouse” and “child” within that definition

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SMSFRB 2020/1– where are we now with SMSFs and property development?

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SMSFRB 2020/1– where are we now with SMSFs and property development?

SMSFs (self managed superannuation funds) have been carrying on property development activities ever since SMSFs came into existence. Yet despite that there is still a common concern that such activities will cause the SMSF to become non-compliant, or subject to penalties, on the basis that such activities, and in particular undertaking a property development business, are prohibited.

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SMSF and Asset Protection from Creditor Claims

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SMSF and Asset Protection from Creditor Claims

When most people think of self managed superannuation funds (SMSFs) they mostly think of a vehicle to provide retirement benefits and their concessional tax treatment. In contrast, the asset protection benefit provided by SMSFs is often not considered.