Overview of small business CGT concessions
Recently, the ATO has noticed that some larger and wealthier businesses have mistakenly claimed small business CGT concessions when they weren’t entitled. By incorrectly applying the concessions these businesses were able to either reduce or completely eliminate their capital gain. The ATO has urged all taxpayers that have applied the small business CGT concessions to check that they were eligible, this firstly means that the business should meet the definition of a CGT small business entity or the maximum net asset value test.
