Re Bell and FCT – CGT small business concessions – Beneficiary appeals to Federal Court against AAT decision that he failed the maximum net asset value test on a the trust’s capital gain of over $6m [C8]

The taxpayer has appealed to the Federal Court against the decision in AAT Case [2012] AATA 45, Re Bell and FCT. The AAT ruled that the taxpayer beneficiary of a trust failed the maximum net asset value test for the purposes of accessing the CGT small business concessions in relation to a capital gain of over $6m made by a family from the trust’s sale of units in related unit trusts, and to which he was presently entitled as a beneficiary of the trust.

[LTN 40, 29/2]