Published on 17 Oct 13
by TASMANIAN DIVISION, THE TAX INSTITUTE
Increasingly, the ATO is successfully challenging taxpayers’ claims for the small business CGT concessions. Recent cases reveal common and not-so-common errors made by taxpayers. In particular, the ATO is focusing on the maximum net asset value (MNAV) test. This paper includes discussion on the areas under attack by the ATO and how advisers can prevent their clients from being caught out. It covers:
- $6 million MNAV test – where taxpayers are getting it wrong
- recent cases including Altnot and Bell – clarification or confusion?
- most common errors made when applying the retirement exemption
- getting the structuring and trust distributions right to qualify for the concessions
- questions to ask when inheriting a client.
Rob is a Principal at Bernie O'Sullivan Lawyers, a boutique legal firm that advises accountants, business owners and individuals in the areas of taxation, superannuation and estate planning. Rob advises accountants and their clients in tax matters. His 30 plus years' experience in tax and related areas includes business tax issues, CGT, tax planning, tax structuring, tax litigation and GST. Rob has been a member of many Treasury and ATO tax consultation committees and has appeared before parliamentary committees on tax reform issues.
- Current at
26 July 2016