Tax Institute Private Business Tax Retreat

On the 15th and 16th of February 2024, tax professionals, policy experts, and business leaders convened at the Tax Institute’s Private Business Tax Retreat. This exclusive gathering provided a platform for insightful discussions, strategic insights, and deep dives into the ever-evolving landscape of taxation affecting private businesses. Harris Black attended the sessions, and have provided a few highlights from the event.

Cooper Grace Ward Lawyers delved into unlocking small business capital gains tax (CGT) concessions. They provided invaluable insights into the intricacies of CGT concessions, emphasizing the importance of written choice for the retirement exemption. Attendees gained a deeper understanding of the crucial dates to consider when utilizing the active asset test and the necessity for extensive workings behind the $6 million net assets test. This session shed light on practical strategies for utilising CGT concessions while ensuring compliance with regulatory requirements.

Sladen Legal discussed the impact of rollovers on tax consolidation, offering insights into the complexities and implications of these transactions. They also provided guidance on scrip for scrip rollover relief and highlighted important updates to tax determinations, equipping attendees with valuable knowledge to navigate rollover scenarios effectively.

Other hot topics such as tax consolidation provided valuable insights into tax structures and streamlining compliance processes. Discussions on capital raising and management explored strategies for accessing capital while managing tax implications effectively. Furthermore, sessions on Division 7A loans addressed compliance challenges and best practices for managing shareholder loans.

In conclusion, the Tax Institute’s Private Business Tax Retreat was a resounding success, providing attendees with invaluable insights, strategies, and connections to thrive in today’s dynamic tax environment. We look forward to the next Private Business Tax Retreat in May 2024 to gain insights into AI, payroll tax grouping, unit trusts and much more.

The information in this blog is intended only to provide a general overview and has not been prepared with a view to any particular situation or set of circumstances. It is not intended to be comprehensive nor does it constitute advice. While we attempt to ensure the information is current and accurate we do not guarantee its currency and accuracy. You should seek professional advice before acting or relying on any of the information in this blog as it may not be appropriate for your individual circumstances.

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