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31 Oct 11 Property did not satisfy the "active asset" test under Div 152 - Vaughan

The AAT has held that a property sold by the taxpayers, the former proprietors of a child care centre carried on at the property, did not satisfy the active asset test in s 152-35(1)(b) ITAA 1997, because the property was only used in their business for 6 of the 17 years that they owned the property. The property was leased to third parties for the balance of the 17 years, and it was the lessees, rather than the taxpayers, who carried on a child care business, albeit with the assistance of the taxpayers: Vaughan and FCT [2011] AATA 758 (AAT; McPherson DP and McCabe SM; 27 October 2011).

 


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