Specialist tax and superannuation consultant and Insyt founder Darren Wynen has released a new book for advisers about the small business capital gains tax (CGT) concessions and super.
“A Comprehensive Guide to the Small Business CGT Concessions and Superannuation” was launched last Wednesday and according to Wynen has already been well received.
“It’s been written in simple language with lots of examples and tips and it’s been designed for practitioners to have by their side for the occasion when a client sells their business,” Wynen noted.
The motivation to write and publish the book came about as a result of Wynen’s recognition of how complex the small business CGT concessions are.
“The difficulty with the area comes in because you’ve got to understand the tax aspect first before you get to the super side of things. So you’ve got this interplay between the tax rules involving whether the ability to use the concessions exists and if they can be used, how much can then be contributed to the individual’s superannuation fund,” he said.
According to Wynen, it is an area of advice of which practitioners should be mindful no matter how far away a client might be from selling their business.
“I was asked at the SMSF Association National Conference: ‘Do I have to worry about this year on year before my client sells his business?’ and I said: ‘Actually you do because if you’re not set up right, you can miss out on the ability to use the concessions,’” he noted.
In addition to serving the purpose of being a point of reference on the subject, he said the book could potentially also act as a formal educational tool for advisers.
“With the accounting bodies I’m pretty sure there is a component in the education standards for technical reading and I think it would count towards that. We haven’t had any formal educational sign-off from the SMSF Association,” he said.
The book is being offered both in print and e-book format. The cost of the e-book is $132, but advisers can acquire the print version and e-book for $187.