QUESTION 11

1. Which statement is incorrect?

   		If a taxpayer has held an active asset in a business and is retiring after they sell, they will automatically get an exemption from capital gains tax
   		The government has changed the immediate deduction a small business can claim a number of times in the last 3 years.
   		Small businesses do not need to account for the difference between the opening and closing balance of trading stock if the difference is less than $5,000
   		A small business will get an immediate write off for paying insurance in advance for the next 11 months
   		For small businesses, the time limit for reviewing an assessment is two years from the day that the Commissioner issued a notice of assessment