ARTICLE · 12 JULY 2013

Record keeping for small business CGT concessions

Moore Australia

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Taxpayers should keep good records to help determine if they are eligible to claim the small business CGT concessions.

AustraliaTax

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The ATO has issued a reminder that taxpayers should keep good records to help them determine if they are eligible to claim the small business CGT concessions, including evidence of:

carrying on a business, including calculation of turnover (to demonstrate eligibility for the 'small business entity' (SBE) test);
the market value of relevant assets just before the CGT event (to demonstrate eligibility for the $6 million maximum net asset value test);
how capital losses have been calculated and carried forward to later years; and
relevant trust deeds, trust minutes, company constitution and any other relevant documents.

This publication is issued by Moore Stephens Australia Pty Limited ACN 062 181 846 (Moore Stephens Australia) exclusively for the general information of clients and staff of Moore Stephens Australia and the clients and staff of all affiliated independent accounting firms (and their related service entities) licensed to operate under the

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