10 April 2019 - GAP Accountants
Mostly vacant property still an ‘active’ asset
The AAT has held that a block of land next door to a taxpayer’s main residence, which they used to store materials, tools and other equipment for their business, was still an ‘active asset’ for the purpose of the small business CGT concessions.
The small business CGT concessions can reduce, or completely eliminate, the tax payable on the sale of an ‘active asset’ (basically, a business asset).
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