Published on 30 Aug 12
by VICTORIAN DIVISION, THE TAX INSTITUTE
The ATO continues to successfully challenge many taxpayers' claims for the small business CGT concessions. Using a number of practical case studies based on real life situations Rob Warnock, CTA, highlights in this paper, the main issues that tax advisers need to be aware of for their clients’ dealings in this complex area:
- Satisfying the $6m MNAV test
- How to prove 'market value' is less than sale price
- Capturing all allowed liabilities - recent cases
- Including all connected entities
- Required trust distributions to ensure the 90% and other tests are satisfied
- What constitutes 'retirement'
- Small business rollover planning tips
- Retirement exemption conditions issue.
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
30 August 2017