Active Assets – To be or not to be?
Overview
What you'll take away.
Understanding and applying the active asset test for small businesses.
The ‘active asset test’ is a cornerstone of the small business CGT concessions.
A modified version of the active asset test is also part of the small business restructure rollover provisions.
In the light of recent court decisions that have tested the boundaries of what an active asset actually is, this session is a deep dive into understanding and applying the test.
This session will work through the test, defining what an active asset is and when the test is satisfied. We will look at common situations to determine if the test is met, examining the CGT and other direct tax implications flowing from the application of the test. Amongst the matters to be covered are the following:
- What is an active asset?
- Can a rental property be an active asset?
- Applying the active asset test as part of the small business concessions
- Applying the active asset test as part of the small business restructure rollover
- What are the implications if the active asset test is failed?
- When is an asset in use in the course of carrying on a business?
- Applying the modified active asset test for shares and trust interests
Learning Outcomes:
Attendees will gain an overview of the key issues facing clients who wish to apply the small business CGT concessions and the small business restructure rollover. The practical and solutions-oriented approach will include worked examples and planning tips as well as highlighting the pitfalls to avoid.
Suited to:
This webinar is suited to all accountants and tax practitioners that deal with small businesses and their owner.
You will also be provided with:
- The PowerPoint Presentation Slide Deck
- A Searchable Transcript
- Any Supporting Documentation
- Webinar Recording to view multiple times for up to 6 months
- Q&A Session & follow up contact details
Course syllabus
3 lessons
- Active Assets – To be or not to be?Video
- FeedbackSurvey
- Knowledge QuizTest
Your presenter
Mark Chapman – Director of Tax Communications with H&R Block AustraliaH&R Block
Mark is the author of Life and Taxes: A Look At Life Through Tax and has recently edited and updated the second edition of Australian Practical Tax Examples, published in September 2019, both published by Wolters Kluwer CCH Australia.
He has over 25 years experience as a tax professional in both the UK and Australia, specialising in tax for small business and individuals. He is a fellow of the Institute of Chartered Accountants in England and Wales, a fellow of CPA Australia and a member of the Chartered Institute of Taxation. He holds a Masters of Taxation Law with the University of New South Wales.
Since 2015, Mark has been Director of Tax Communications with H&R Block Australia. He writes regularly on tax issues for numerous media outlets and presents on topical tax topics at seminars and other events. He broadcasts frequently on radio and television and writes a regular column for Money Magazine and Yahoo7 Finance. As a tax practitioner in the UK, he occupied a number of senior positions before moving to Australia in 2007 to join the Australian Taxation Office (ATO) as a senior director.