I’m seeking initial advice whether claiming the small business retirement exemption to reduce or disregard CGT on active assets may be available for the sale of a family trust unit, in particular towards one of the first basic eligibility conditions that must be met in that “Depreciating assets do not meet the basic eligibility conditions”.
The family trust unit asset has been segregated into 2 portions for accounts purposes: The unit cost and building cost (div43), and trust has claimed a Capital Works Deductions (Division 43) yearly against the building cost (div43) component since 2019. Asking as the trust has claimed Capital Works Deductions (Division 43) deductions for the building asset is this classed as a “depreciating asset”, which from my understanding basically would basically exclude that portion from eligibility, or is it case of that capital works deduction isn’t classed as depreciation in which case if I meet all the other criteria it may be eligible for the exemption ?
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