Miley and Commissioner of Taxation (Taxation) [2019] AATA 5540

TAXATION – whether the applicant satisfies the maximum net asset value test – valuation of assets immediately before a CGT event – method to determine the market values of shares in a private company – whether non-competition clauses have value separate from the value of a company – restrictive covenants – applicant does not meet the maximum net asset value test – decision under review affirmed – PENALTIES – reasonably arguable case – penalties decision set aside.

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