Practitioners do not need to be reminded that trusts have unique tax features that seem to be attracting ever increasing scrutiny from the ATO. Therefore, when it comes to the tax flexibility that a trust may give to the small business CGT concessions, it is imperative that the use of the concessions be able to stand up to the possibility of scrutiny. This session explores the issues applicable to a trust’s use of the concessions, including:
The maximum net asset value test and unpaid present entitlements
Determining if a trust has a CGT concession stakeholder and calculating the direct and indirect small business participation interest
How to apply the small business 15-year exemption and small business retirement exemption to trusts
The impact on corporate beneficiaries receiving trust distributions that include small business 50% active asset reduction
Using the small business CGT concessions as a restructure option from trust to company
Neil Brydges, Principal Lawyer
Neil is a principal in the business law area, with a particular focus on taxation advice and disputes.
Taxation law is a complex area. Neil’s aim is to provide technical expertise to clients, commercially applied and in a friendly and approachable manner.
Neil’s practice involves advice, audits, disputes, and transactions. The client mix includes both family groups and business enterprises. Neil also regularly assists professional advisors, including tax agents, accountants, and financial advisors, to understand complex legal issues and help them to better assist their own clients.
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