J L Collyer & Partners in Glen Waverley, Victoria, Australia | Financial service

J L Collyer & Partners

Locality: Glen Waverley, Victoria, Australia

Phone: +61 3 9560 0211

Address: Unit 7 603 Boronia Road 3150 Glen Waverley, VIC, Australia

Website:

Likes: 12

Add/Update information

Reviews

Tags

• Tax preparation service
• Consultation agency
• Accountant
• Financial service

12.01.2022 We take you through: Work related car expenses - The reforms to work related car expenses announced in the 2015-16 Federal Budget have taken. We take you through what you should be doing now. Small business rollover relief for restructures - The new Exposure Draft providing rollover relief for small businesses looking to restructure - but there are a few issues. AAT property development decision slap down - Why an AAT decision on property sale was overturned Tax & T...ravel - A reminder from the ATO about tax & travel expenses. And a whole lot more! Cheers. J L Collyer & Partners See more

05.01.2022 New small business rollover relief from 1 July 2016 On 5 November, Treasury released exposure draft legislation on the small business CGT rollover relief that was announced in this years Federal Budget. The new rollover is expected to be available in relation to CGT events that occur from 1 July 2016. The basis of providing this new form of rollover relief is the acknowledgement that many small businesses start off in an inappropriate structure or the most appropriate struct...ure for the business may change over time. While there are a number of rollover provisions already contained within the CGT system, they generally only apply when a business is being transferred into a company structure (i.e., they do not generally help when seeking to transfer business assets out of a company or into a trust). Under the proposed new rules, a taxpayer would need to pass both a $6m net asset value test and a $2m turnover test to access the rollover relief. Interestingly, the rollover will also be made available in relation to assets that would be taxed on revenue account, such as depreciating assets and trading stock. One of the conditions for accessing the rollover is that no consideration must be provided for the transfer of the assets. Also, the rules are only intended to apply where there is no change to the underlying economic ownership of the assets, which is consistent with many of the existing rollover provisions. When it comes to restructures involved discretionary trusts, family trust elections will need to be used to manage this requirement.