Eichmann v CofT – CGT Small Business Concessions – Property used for storage was an ‘active asset’ – taxpayer finally wins in Full Federal Court

On 18.9.2020, the Full Federal Court has allowed the Taxpayer’s appeal, holding that a property used to store materials, tools and other equipment was an active asset for the purpose of the Div 152 CGT small business concessions, and as a result, those concessions applied (reversing the Federal Court decision, which reversed the AAT decision, which reversed the ATO’s decision – see related TT article).

See below for further details.

[Tax Month – September 2020]