Most people agree there is very little government assistance provided to small businesses. There is however one significant concession the government provides, which relates to selling your small business.
The Capital Gains Tax (CGT) concessions provide options on how to reduce the Capital Gains Tax – sometimes to ‘nil’ – when or if you finally decide to sell.
There are four CGT concessions that you may be eligible for. They are as follows:
You can find more information about CGT concessions here.
If the business is owned by a partnership, trust or sole trader the 50% CGT discount may also apply.
Generally you will be able access these concessions if the turnover of your business satisfies any of the following:
Bear in mind the concession applies to Capital Gains Tax only, so Stamp Duty may still apply.
This Tax Tips Tuesday is brought to you with love by Nudge Accounting. You can read other Tax Tips here.