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Small business CGT concessions - Practical issues paper

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.

Author profile:

Robert WARNOCK

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