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To qualify for the small business CGT concessions, you must satisfy several conditions that are common to all the concessions. These are called the 'basic conditions'.
Each concession also has further requirements that you must satisfy for the concession to apply (except for the small business 50% active asset reduction which applies if the basic conditions are satisfied).
The major basic conditions are in the form of three tests that must be satisfied:
Last modified: 10 Sep 2007QC 27357
- the maximum net asset value test which sets a $5 million limit on the net value of assets that you and certain related entities can own
- the active asset test, and
- if the CGT asset is a share in a company or interest in a trust