Commissioner of Taxation launches Cooper & Evans on CGT
We’ve all heard of the 2 certainties – death and taxes. Capital gains tax (CGT) neatly fits into the tax certainty – it is likely to appear almost everywhere.
CGT is one of the most ubiquitous taxes in the Australian tax system. It’s not too trite to say that almost every transaction a practitioner may advise on, or be involved in, is likely in some way to be affected by CGT. And as time marches on, the consequences of death will have their own inexorable CGT consequences! More and more assets will progressively fall into the CGT net.
CGT is also complex and consumes many (probably too many!) pages of tax law.
To help practitioners and others (such as students) understand, advise on and apply the CGT laws, Thomson Reuters has recently released a new book – Cooper & Evans on CGT. It was launched by the Commissioner of Taxation at the Australasian Tax Teachers Association Conference on 22 January 2010.
The book brings together 2 of Australia’s best known experts in this field of taxation law – Gordon Cooper and Chris Evans. It combines their wealth of experience as practitioners, academics, conference speakers and consultants to the Government in this highly specialised area of taxation law, with its increasing day-to-day relevance.
In this book, the authors (assisted by Thomson Reuters Senior Tax Writer Kirk Wilson) provide comprehensive and detailed analysis of the CGT provisions, with some 37 chapters covering all areas of CGT, including:
- close and detailed explanation of the vital CGT small business concessions;
- CGT events, assets, cost bases, market value, ownership changes, etc;
- CGT and entities;
- main residence exemption;
- roll-overs eg marriage breakdown, replacement assets, same asset rollover;
- CGT and international transactions;
- CGT and leases;
- change in majority underlying interest;
- anti-avoidance rules;
- CGT and value shifting.
The CGT small business concessions, while valuable, are probably some of the most misunderstood provisions by small businesses. The book devotes over 100 pages to clearly explaining and analysing these provisions, and provides many examples to assist readers.
Overall, the book contains extended examples dealing with the practical application of the CGT rules, as well as a range of valuable practice hints. The content is readily accessible for those dealing with CGT at any level. Copies of the book can be ordered from our website.
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