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Tax Q & A: Division 17B - small business retirement exemptions


The introduction of Division 17B of Part IIIA of the Income Tax Assessment Act 1936 was a response to the Federal Government's 1996 election commitment to provide capital gains tax relief to small business owners. This article discusses what is Divison 17B, which taxpayers may be entitled to Division 17B relief, how is the $5 million threshold calculated?, what is a "connected entity", what is an "active asset", what is an asset's CGT exempt amount, and what additional rules apply for companies and trusts.

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Andrew O'Bryan CTA
Andrew is a Partner at Hall & Wilcox Lawyers and provides advice on the application of a wide range of taxation. He has substantial knowledge of taxation and commercial practice and advises his clients on income tax, capital gains tax, tax audits and reviews, fringe benefits tax, business structuring and transactions, liquidations and reconstructions, superannuation, retirement planning, business succession, estate planning, and philanthropy. Andrew advises accounting and legal firms on their clients’ affairs. He also draws clients from industry, commerce and high-net-worth private family groups. One of his main interests is advising private business owners on the transition of management and control of family businesses to the next generation. Andrew has been recognised in the The Best Lawyers in Australia in Tax Law every year since 2014 and is a leading tax lawyer in Victoria in Doyle's Guide to the Australian Legal Profession. - Current at 12 November 2019
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