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Small Business Tax Concessions

There remain few areas of tax law that may provide you with significant tax savings.  Although they can be extremely complex, the small business CGT concessions are one such area.

If you are considering any of the following, the small business tax concessions may provide you with significant tax savings:

  • Selling a small business (under $2m turnover or $6m net assets);
  • Selling some of your shares in a small business; or
  • Restructure your shareholding.

When applied correctly these concessions could reduce your taxable capital gain by 75%. In certain circumstances your CGT liability could be eliminated altogether.

If you are looking to change the ownership of your business contact us today for your free opportunity to discuss how the small business CGT concessions may improve your after tax position.

Client Experience

 

After a client in the hospitality industry sold one of their properties they were left with a significant capital gain and big plans.

 

After one of our regular strategy and planning sessions we took away a clear idea of where they were going with the next phase of the business and where the capital gain would be used.

By properly applying the small business CGT concessions we were able to present a proposal to the management team that allowed:

  • The potential CGT to be reduced to nil
  • The option to contribute part of the capital gain into their superannuation fund.
  • Flexibility for future use of the funds within the broader corporate group.