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Small business CGT concessions - Keeping out of harms way paper

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.

Author profile:

Robert WARNOCK
Current at 03 November 2016 Click here to expand/collapse more articles by Robert WARNOCK.
 

 

This was presented at 2013 Tasmanian State Convention .

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