The Australian Taxation Office (ATO) outlines the active asset test for small business CGT concessions. To qualify, an asset must be used in a business for at least half the ownership period if owned for 15 years or less, or 7.5 years if owned longer. An active asset must be used, or ready for use, in the business. Main use to derive rent typically disqualifies it, unless temporary. Intangible assets can qualify if significantly improved. Special rules apply for inherited assets and involuntary disposals.
For more details, visit the ATO website.
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