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Small business CGT concessions - Keeping out of harms way paper


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 CTA
Rob Warnock, CTA, 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 providing advice in relation to private business tax issues, tax disputes and trusts. - Current at 13 February 2019
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This was presented at 2013 Tasmanian State Convention .

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