Passively held assets can still qualify for the small business CGT concession. They may if used in the business of a related entity.

The deductions under Div 43 make up the bulk of a property investors deductions. And the good news is that the changes to Div 40 don’t affect Div 43.

Div 40 is about the deprecation of plant and equipment. Since 2017 significantly curtailed but still better than nothing.

Your Statement of Financial Position usually shows an income tax payable and a provision for income tax. What is the difference?

The scenario of a Div 7A UPE can result in a huge tax bill.  UPE stands for unpaid present entitlement.

How do you treat a UPE in the maximum net asset value test? Do you include it? And if yes for which entity?

The 4 small business CGT concessions are a huge tax concession. They can save our clients a lot of tax, hence money. They can change a life. 

The active asset test is an important part of the basic conditions to qualify for the small business CGT concessions. 

The rollover relief in subdiv 152-E is often overlooked. After all, it isn’t an exemption but only a rollover. But 152-E deserves more attention.

Subdiv 122-B is the equivalent to Subdiv 122-A. 122-B provides rollover relief when changing from a partnership to a company.