Advice was provided to a high net wealth family and their advisor confirming the pre-CGT status of the significant landholding that had been the subject of a partnership dissolution in the 1990’s and partly developed.
Due to the very significant value accompanying this particular CGT event and the advisor’s conservative concerns, Cleary Bentley prepared and submitted on the client’s behalf a formal Ruling request and liaised extensively with ATO in conjunction with the advisor to bring about a successful determination not only that the transaction was on capital account, but also the retention of the pre-CGT status of the asset involved.