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Federal Court rules on meaning of ‘used in the course of carrying on a business’

Property used for storing business assets found not to be used in the ordinary course of a taxpayer’s business for small business CGT concession purposes.

The Federal Court has reversed the decision of the Administrative Appeals Tribunal (AAT) and held that a property used to store tools, equipment, materials and other items relating to the taxpayer’s building, bricklaying and paving business was preparatory to the undertaking of activities in the course of carrying on a business in Commissioner of Taxation v Eichmann [2019] FCA 2155.The decision meant that the asset did not satisfy the definition of an active asset and the taxpayer was not abl...

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Authors: Clive Bird, Christina Levin

Published Date: 12 February 2020


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