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102003
Recorded Webinars

Recorded Webinar: Applying the CGT Small Business Concessions to the Sale of Business Premises

On face value, a reading of section 152-40(4)(e) of ITAA 1997 appears to generally exclude an asset as being an active asset eligible for the small business CGT concessions, if the asset’s main use is to derive rent. However, common asset protection strategies incorporate business
PRESENTED BY Anna Wilson Barrister - Victorian Bar , Melbourne

Date/Time

About the Webinar

On face value, a reading of section 152-40(4)(e) of ITAA 1997 appears to generally exclude an asset as being an active asset eligible for the small business CGT concessions, if the asset’s main use is to derive rent. However, common asset protection strategies incorporate business premises in one entity that receive rent from a business conducted in another entity. How are the business premises in these structures, and others, treated for small business CGT eligibility? This session explores the issues, including:

  • When can business premises be treated as an active asset when held in:
    • the entity conducting the business
    • a separate entity to the business (TD 2006/63)
  • What type of business premises and arrangements may satisfy the active asset test? (TD 2006/78)
  • How to satisfy the “connected entity” and “affiliates” tests where business premises are owned in a separate entity to that which conducts the business?
  • Can land used for storage be an active asset? (Eichmann v FC of T [2020] FAFC 155)
  • How is the active asset test applied if the land is only partially used for business purposes? (Rus v FC of T [2018] AATA 1854)
  • Can properties forming part of a residential letting business be classified as active assets? (Del Castillo v FC of T [2022] AATA 4233; PBR 1052110408869)
  • How the four CGT concessions can be applied to the sale of eligible business premises
  • Case studies:
    • a family business with business premises and trading operations in separate entities
    • two unrelated shareholders who sold their business, now selling the business premises owned jointly in a unit trust

Presented By

Anna Wilson
Barrister, Victorian Bar Melbourne, Vic

Anna acts for the Commissioner and the taxpayer in both State and Federal jurisdictions. Her practice extends to tax technical and structuring advice, tax investigations and audits, private rulings and objections, through to litigation and alternative dispute resolution. Anna also acts in regulatory/disciplinary matters such as those involving registration with the Tax Practitioners Board and/or membership of professional accounting associations. She was involved in the superannuation round of the Financial Services Royal Commission and acts in disputes between members of self-managed superannuation funds.

Anna lectures in the Masters program at Melbourne University, teaching the subject Capital Gains Tax: Problems in Practice.

Who Should Attend?

This webinar is suitable for accountants advising in taxation matters – Australia wide. This webinar is for practitioners with some knowledge in this area and looking to improve their knowledge.

CPD Information

Accountants can claim up to 1 CPD/Training hour. This webinar has been designed to run for 1 hour, however, webinar lengths can vary depending on the level of questions and discussion.

Enquiries/Assistance

If you need assistance or have an enquiry, please do not hesitate to contact our Webinar Coordinator, Lisa Tran on (03) 8601 7709 or email: [email protected]

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