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brisbane • sydney • melbourne

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

The ATO’s attention on CGT

What attracts the ATO's attention for Small business CGT concessions:


🚩 entities that fail the *small business entity* test; (for example, fail to carry on a business or have an aggregated turnover greater than $2 million)


🚩 entities that fail the maximum net asset value test; (net assets of the entity, connected entities and affiliates exceeds $6 million)


🚩 the asset disposed of does not meet the definition of an active asset;


🚩 entities that do not meet the additional conditions where the CGT asset is a share or trust interest;


🚩 entities that fail to correctly identify significant individuals and CGT concession stakeholders;


🚩 entities that restructure for the primary purpose of enabling access to small business CGT concessions which might not otherwise be available; 🚩 entities that claim the small business rollover, but do not report a CGT event J5 at the end of the replacement asset period when they fail to acquire a replacement asset;


🚩 entities that do not meet the additional conditions applicable to the type of small business CGT concession claimed such as exceeding the small business CGT retirement exemption limit of $500,000;


🚩 entities that fail to correctly report or apply the 15-year exemption.

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