Small Business Capital Gains Tax (CGT) Concessions

As a small business owner, it is important you are aware of the CGT concessions available to you when you sell your business. These concessions can be generous and result in a business owner paying no CGT. It is normal that planning should occur many years before you sell, to make sure full advantage can be taken of these small business CGT concessions.   

Small business CGT concessions allow eligible small business entities (SBEs) to disregard or defer some or all the capital gain resulting from the disposal of an active asset used in a small business. To be eligible to use the small business CGT concessions there are some basic conditions that need to be satisfied. Despite these being called ‘basic conditions’ there are some complexities around the requirements.   

This white paper looks at some of the rules and requirements to satisfy the basic conditions and briefly looks at the four concessions that may be available for your use. As mentioned, this is a complex tax area, we have gone into some but not all the detail. You will need to seek professional advice to apply these concessions to your circumstances. 

Article by Anthony Cerra, 11 Jan 2021

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