Record keeping for small business CGT concessions
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.