Capital Gains Tax Advice

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A business may be entitled to four capital gains tax consequences, which apply to CGT events happening after 21st September 1999.

These are:

the 15 year asset exemption;
the 50 per cent active assets concession;
the retirement exemption;
the business asset rollover concession.

To qualify for the concessions, a taxpayer must satisfy the basic conditions as well as any specific conditions that apply, for the concessions. The following basic conditions must be satisfied in order to be eligible for the small business CGT concessions:

a CGT event happens in relation to an asset that the taxpayer owns;
the event would otherwise have resulted in a capital gain;
the maximum net asset value requirements are satisfied; the net value of assets that the business and connected entity’s own, cannot exceed $5 million;
the asset is an active asset

In order to receive advice on how these concessions work, please contact our business lawyers, Chris Wray on 8320 2951, or Brett Samuel on 8320 2957.

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