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A collection of updates, articles and papers written by The Little CFO & The Little CFO Legal

ATO Update: No entitlement to CGT Concessions 6/12/21

The ATO has advised that it has found that some 'larger and wealthier businesses are mistakenly claiming Capital Gains Tax small business concessions' when they are not entitled to.


As such, where taxpayers have claimed one or more of these concessions in recent income tax returns, the ATO may issue a letter asking tax practitioners to:


๐ŸŸก check the taxpayer's claims ;


๐ŸŸก ensure basic eligibility conditions are met; and


๐ŸŸก that they have records to substantiate their claim.


The ATO is encouraging early engagement from tax practitioners and their clients to ensure small business CGT concession eligibility, including by:


๐ŸŸ  reaching out to the ATO for an early engagement discussion to seek advice;


๐ŸŸ  seek a pre-lodgment compliance agreement for the taxpayer's commercial deals and restructure events; or


๐ŸŸ  (where suitable) apply for a private ruling to attain certainty on the application of the concessions.


More details:



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