The $6 million net asset value test for small business
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Taxpayers who seek to disregard a capital gain under the small business capital gains tax (CGT) concessions regime are likely to be audited and those who are not formally audited may face a phone review. The Australian Taxation Office’s (ATO’s) focus on a single aspect of this concessional regime is reflected in issues examined in some recent cases. Small business operators and their advisers need to be vigilant in planning for and applying the $6 million maximum net asset value test ($6 million test), an alternative requirement, within the second of the four basic conditions.
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