The Australian Taxation Office (“ATO”) are cracking down on taxpayers claiming small business Capital Gains Tax (CGT) concessions when they are not entitled to. If you’ve claimed one or more Small business CGT concessions incorrectly in recent income tax returns, you may receive a letter from the ATO. The letter will ask you to check your claims and ensure that you meet the basic eligibility conditions, and that you have records to substantiate your claim. Don’t be caught out – contact our team at Quinns to assist with any CGT concession claims.
What is a Small Business CGT Concession?
The small business capital gains tax (CGT) concessions allow you to reduce, disregard or defer some or all of a capital gain from an active asset used in a small business. The concessions are available when you dispose of an active asset and meet eligibility requirements.
How can you Incorrectly Claim a Concession?
If you do not meet the ATO’s small business test or fulfil their other eligibility requirements, you are incorrectly claiming a concession that you are not entitled to. Our team at Quinns can check recent or planned future Small business CGT concession claims are accurate and ensure Small business CGT concession eligibility – to avoid any issues with the ATO.
If you need help in relation to claiming CGT concessions or would like any assistance with taxation matters, please contact our team of experienced tax accountants by calling us on 1300 QUINNS or alternatively, +61 2 9223 9166 to arrange a teleconference or appointment.