Webinar CPD assessment
First Name *
Last Name *
Email Address *
1. Does an ‘active asset’ include a commercial property rented to an unrelated party? Never It depends on whether the unrelated party uses the property in its business Only if the property owner is conducting a business It depends on whether commercial use is permitted by the council
2. A company sells an active asset and applies the 15-year exemption. The company has four significant individuals. Which of the following statements is correct? Companies cannot apply the 15-year exemption All four individuals need to be aged at least 55 and the CGT event happen in connection with their retirement Only one significant individual needs to retire in connection with the CGT event but all significant individuals need to be aged 55 Only one significant individual needs to be aged 55 and the event happens in happen in connection with their retirement
3. A unit trust wishes to apply the retirement exemption to an active asset which was purchased in 2010. It has two significant individuals. Which of the following statements is correct? It is not compulsory to apply the CGT discount The trust needs to have had a significant individual since 2010 The unit trust has flexibility to allocate the asset’s CGT exempt amount to the individuals in way that ensures that the percentages add up to 100% and each individual does not exceed their $500,000 lifetime limit At least one of the significant individuals must retire
4. Regarding the sale of shares in a company or units unit a unit trust which of the following is correct? Shares or units held by an entity can never qualify by the small business CGT concessions Shares or units sold from 8 Feb 2018 (either by an individual or entity) are ineligible for the small business CGT concessions Shares or units owned by an entity can potentially qualify for the small business CGT concessions if the necessary conditions are met An individual selling shares or units does not have to be a CGT concession stakeholder to qualify
5. A CGT concession stakeholder is: A friend of someone who owns shares in the company Someone who owns at least 40% An individual with a stake in the business A significant individual or a spouse of a significant individual who has at least some ownership interest (small business participation percentage) in the entity
