The small business Capital Gains Tax (CGT) concessions were introduced by the Federal Treasurer on 21 September 1999. The provisions are based on the landmark Review of Business Taxation. The Federal Government's intention was to remove impediments to efficient asset management, improve capital mobility, reduce complexity and compliance costs and generally, make Australia's CGT regime internationally competitive. Division 152 contains four separate small business concessions. In order to qualify for the four CGT concessions, the small business must satisfy stringent tests (basic conditions). It is possible that the small business will receive significant concessional treatment if these basic conditions are satisfied. Commentary by academics and tax practitioners indicate that the small business CGT concessions are excessively complex. There is concern that the provisions are not achieving their desired outcomes. This thesis involves a critical evaluation of Division 152 against the traditional criteria for a good tax system, using a legal research methodology designed by Wade. Within Wade's framework, the research includes a comparative analysis of the Australian and United Kingdom legislative provisions for small business CGT concessions. This comparison is undertaken with a view to highlighting strengths and weaknesses in the respective legislation to better meet the goals of equity, efficiency and simplicity. The culmination of this thesis will be the proposal of policy recommendations to Subdivision 152-A. This thesis states the law available as at 30 April 2006. In the light of this, an appendix is inserted to cover changes since this date.
| Identifer | oai:union.ndltd.org:ADTP/265318 |
| Date | January 2006 |
| Creators | Marriage, Wayne Wilson |
| Publisher | Queensland University of Technology |
| Source Sets | Australiasian Digital Theses Program |
| Detected Language | English |
| Rights | Copyright Wayne Wilson Marriage |
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