The ATO is increasing activity in the review and audit of CGT small business concession claims. This session considered the continuing challenges around managing the $6 million net asset threshold including a review of recent cases and issues arising in practice, such as:
- connected entities, control and the Gutteridge and De Vuba cases
- liabilities and the Bell and Byrne Hotel cases
- the blurred lines around assets with a partial private use
- valuation issues and the ATO's view - Syttadel
- assets and the Breakwell case
- CGT exempt amounts.