QUESTION: In 2005 my client sold his business and got his Capital Gains Tax down to zero. (This was under Division 152 of the Income Tax Assessment Act 1997.) Seven days later he wanted to sell the commercial property upon which the business had been operating. Sadly, he could NOT claim the small business exemption on the business property. It was too late. This was because the asset (being the land) had to be active at the time of sale. (He was 7 days late.) As the laws currently stood back in 2005 the business real estate was not an "active" business asset.
Without the concession he continued to hold the land up to now. Brett Davies Lawyers is pushing "everything into Super". I agree with this strategy and now want to move his property into his Self Managed Super Fund.
The rules seem to have changed. Can I now transfer the property and get the CGT small business concessions?
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