The small business CGT concessions have been significantly expanded in recent years, and offer tremendous opportunities to pay little or no tax when selling a business.
This case study based event showed how to take advantage of these concessions, and illustrate many of the traps that can be avoided with careful planning, including:
- the critical difference between selling the business entity and selling the business assets
- applying the grouping rules, and strategies for staying under the $6m net asset threshold
- when to use the alternative $2m turnover test for small business entities
- making sure that the assets being sold are in fact active assets
- some key traps when relying on the 15 year exemption
- how to make best use of the retirement concession
- using the replacement asset rollover to avoid paying tax altogether
- implications of the May 2009 Budget changes
- comments on relevant Government announcements (if any) following the Henry Review report.
This event was also held in Sydney on the 4th May 2010.