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Hi All,
Could anyone advise, what are the supporting documents I should ask from the client to verify the CGT small business retirement exemption?
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Hi Kylie
My view is you should request:
1) Signed CGT cap election form (NAT 71161).
2) Copy of any tax advice received re the ability to be able to make a contribution under the CGT small business / retirement exemption rules.
Given the rules in relation to the CGT small business / retirement exemptions are very complicated I would expect that the members / trustees have obtained tax advice as to their ability to make a contribution under these rules.
If tax advice has not been obtained you could request a statement from the trustee / trustees as to what basis they have made the contribution.
It would be great to get other auditors views as to how they audit these types of contributions.
Thanks
SMSF AAA