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In Excellar Pty Limited v FC of T [2015] AATA 282, the AAT has held that a taxpayer’s net value of capital gains tax (CGT) assets together with that of its connected entities and CGT affiliates exceeded $5m (being the former Maximum Net Asset Value test threshold). Accordingly, the taxpayer could not access the CGT small business concessions to reduce its capital gain from the sale of a property.