Small Business Taxation – a recorded half-day online conference

ration: Approximately 2.5 Hours

Hear from the experts at this online conference. You can watch it on your computer or on your portable electronic device from anywhere.

The conference will be based on our highly successful video webinar technology: there'll be a chairperson, and presentations.

One registration can be shared by colleagues within the same firm utilising the same login.

THE PROGRAM

Session 1: Small Business CGT – Are My Assets Active?

The concept of an “active asset” is fundamental to the application of the small business CGT concessions. Recent cases have created confusion amongst advisers and their clients in this supposedly “basic” area. This seminar seeks to clarify some of the uncertainty and covers the following issues:

• What is an active asset? (i.e. analysis of section 152-40 of the ITAA 1997)
• Analysis of recent cases, guidelines and rulings (e.g. FCT v Eichmann [2019] FCA 2155 and SWPD and FCT [2020] AATA 555)
• Review of recent amendments to the definition of active asset (e.g. “new” active asset test for shares or interests in trusts)
• Practical case studies

Session 2: Business Sales, Restructures and Rollovers in a Post COVID Landscape

The COVID-19 pandemic has prompted many business owners to rationalise, restructure, sell or transfer their operations. This session examines the tax consequences of such transactions and also highlights any concessions which may be available, as well as the impact of recent Federal Budget changes. It covers:

• Overview of various rollovers and concessions (e.g. small business restructure rollover, small business CGT rollover, section 122-A rollovers)
• Increase in small business turnover threshold for small business tax concessions
• Tax consequences of transfer of business assets (e.g. plant and equipment, trading stock, goodwill, other CGT assets)
• Intergenerational transfers
• Earn-out arrangements
• Practical case studies (e.g. should I crystallise a capital gain or apply a rollover)

Session 3: Market Value: Often Used, Rarely Understood

The concept of market value is fundamental to several areas of the tax law. Unfortunately, it is not adequately defined anywhere in the tax rules. Moreover, the tax effectiveness of particular schemes or arrangements will often be dependent on the market value of particular assets. This session examines this often misunderstood concept and provides practitioners with some clarity. The following areas are discussed:

• What is market value? Unpacking the key issues
• Analysis of case law, ATO guidelines and rulings
• Analysis of the legislative provisions which rely on the concept of market value (e.g. NAV test, market value substitution rules)
• Market value considerations in the post COVID-19 economy
• Practical scenarios (e.g. when is a professional valuation necessary?)