How The Small Business CGT Concessions Could Boost Your Super
If you’re a small business owner gearing up for retirement, selling your business can be a strategic move to give your nest egg that final boost.
If you’re a small business owner gearing up for retirement, selling your business can be a strategic move to give your nest egg that final boost.
If you have disposed of any assets (which can include the loss, destruction or sale of an asset) which are subject to capital gains tax, you need to let us know as soon as possible. These are known as capital gains events, which can affect the way in which a capital gain or loss is calculated, and when it is included in a net capital gain or loss.
Small businesses are facing a set of challenges once again that can make fulfilling tax obligations seem like a daunting task. However, as a small business, capital gains tax concessions on assets used to conduct your business may be of interest to you. These assets are known as “active assets” and can, for example, be a tangible asset (such as commercial property), or an intangible asset (such as goodwill).