The Resource The old, the new, and the ugly : a comparative analysis of the UK, South African and Australian CGT small business concessions - with recommendations for Australia

The old, the new, and the ugly : a comparative analysis of the UK, South African and Australian CGT small business concessions - with recommendations for Australia

Label
The old, the new, and the ugly : a comparative analysis of the UK, South African and Australian CGT small business concessions - with recommendations for Australia
Title
The old, the new, and the ugly : a comparative analysis of the UK, South African and Australian CGT small business concessions - with recommendations for Australia
Creator
Subject
Language
eng
Summary
This paper conducts a three-way comparative analysis of the relevant capital gains tax (CGT) provisions in Australia, the United Kingdom and South Africa with a view to identifying possible improvements from the example of other jurisdictions. To this end, CGT business concessions from each country are compared and evaluated against the widely accepted criteria of good tax policy. While it is shown that certain concessions may be fairly and constructively extended to this sector, the comparative analysis reveals the extent of inequity and inefficiency generated by Australia's current raft of concessions. Proposals for reform include relaxation of the Active Asset Test to ensure that the concessions are available to all business assets and removal of both the 15-year Exemption and the 50% Active Asset Discount in the interests of equity and efficiency. It is further recommended that the remaining concessions be extended to all businesses regardless of size, as done in the United Kingdom. Rationalisation of the concessions in this manner will enhance simplicity and remove many inequities and economic distortions that currently exist
Citation source
In: Australian tax forum. - Sydney. - Vol. 28 (2013),
http://library.link/vocab/creatorName
Kewley, N
Language note
English
http://library.link/vocab/subjectName
  • capital gains tax
  • small business corporation
  • concession
Label
The old, the new, and the ugly : a comparative analysis of the UK, South African and Australian CGT small business concessions - with recommendations for Australia
Instantiates
Publication
Label
The old, the new, and the ugly : a comparative analysis of the UK, South African and Australian CGT small business concessions - with recommendations for Australia
Publication

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