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An SMSF has Commercial property leased to Business of the member, which means it is an active asset. Will the smsf be entitled to Small Business CGT conessions if this has Net assets of less than 6 million, on sale of the active asset?
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Hi Gulshan
My view is you should always get specific tax advice re the small business CGT concessions as they are complicated.
The ATO advises that the small business CGT concessions are not available for super funds.
Refer:
https://www.ato.gov.au/general/capital-gains-tax/small-business-cgt-concessions/basic-conditions-for-the-small-business-cgt-concessions/passively-held-assets/
"Concessions not available for super funds
The small business concessions are not available for any capital gain a super fund makes on the sale of an asset used in a related entity's business.
For example, a super fund may own premises used in the business of a related entity. However, as the members or trustees of the fund (who typically also control the related entity) don't control the fund in the manner required, the related entity is not a connected entity and, therefore, the business real property is not an active asset."
Thanks
SMSF AAA