Cleary Hoare represented the taxpayer in FCT v Eichmann. This case which went before the Federal Court and then the Full Federal Court centres on the active asset test in the small business CGT concessions.
The taxpayer, through their tax agent, submitted a private ruling application that was not favourable and said that land used in their business was not an active asset. What followed was four years of uncertainty until the final successful outcome.
In this webinar, Adrian Bailey discusses the active asset test; the attempts by the ATO to narrow the test significantly; and the successful appeal!
Adrian was the Principal in charge of this case and Daniel Paratore was the lead solicitor handling the matter.
If you have a question about your eligibility for the small business concessions or a tax dispute, please get in touch with one of our solicitors.