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Small business CGT concessions - Keeping out of harms way paper

Member Price: $57.00
Non Member Price: $75.00

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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 CTA
Rob is a Principal Lawyer at Harwood Andrews, Victoria’s largest firm with a head office based in a regional centre. Rob has over 30 years’ experience in tax advising. Rob helps accountants, businesses and individuals on matters with his areas of practice including trusts, state and federal taxes, tax disputes, business structuring and asset protection. - Current at 29 January 2021
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This was presented at 2013 Tasmanian State Convention .

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