Tax & Superannuation: Capital Gains - Guides
Capital Gains
10. Changes in Law
Last updated: 03 Jul 2015
- It is critical that you constantly monitor your business planning as changes in tax law are common and can sometimes act retrospectively. This means the new laws can apply to transactions that took place before the new law came into effect.
- Failure to keep informed about changes and to take corrective measures may result in you losing CGT concessions that you may have formerly been able to secure.
- Substantial amendments affecting small business CGT concessions were made in 2007, 2009 and 2013. Some of these changes were made with retrospective effect rather than only affecting the future.
- For example the Tax Laws Amendment (2009 Measures No.2) Act introduced some amendments that applied to CGT events taking place in the 2006-07 income year and other amendments to CGT events in 2007-08 income years.
- Due to the complexity of tax law and because CGT can involve several different areas of law it is essential to engage a lawyer with particular expertise in tax law to provide accurate and relevant advice on the current status of the law.
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