Meaning of Active Asset Under the Small Business CGT Concessions

The recent Full Federal Court decision in Eichmann v Commissioner of Taxation is a major victory for small businesses. The court decided that the definition of “active asset” for the small business capital gains tax (CGT) concessions should be given a broad meaning. One of the key findings of the Court is that the definition of active asset does not require the use of the asset to take place within the day-to-day or normal course of the carrying on of a business or a relationship of direct functional relevance between the use of an asset and the carrying on of a business.


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