Whenever any transaction is contemplated the tax implications must be considered. This applies to every sale, purchase, loan, mortgage and lease and whether of assets owned by a business entity or of an interest in that entity. It also applies whenever a debt is released or an interest in property is surrendered.

Not only voluntary transactions but also involuntary transactions can be subject to tax. Transaction taxes are an issue whenever property is transferred following a dispute in court (whether following a marriage breakdown or otherwise), bankruptcy or death.

Transaction taxes can be all or any of income tax, capital gains tax, stamp duty, land tax, fringe benefits tax and GST.

A frequent request from business clients (both city and rural) and their accountants and lawyers is for advice on the availability of the small business CGT concessions. The rules are highly technical and sometimes surprising in the situations where the relief is available and in others where relief is denied.

For assistance please contact:

• Jim Main
• Brendan Cockerill