Take care with small business CGT concessions

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Recently, the ATO has noticed that some larger and wealthier businesses have mistakenly claimed small business capital gains tax (CGT) concessions when they weren’t entitled. By incorrectly applying the concessions, these businesses were able to either reduce or completely eliminate their capital gains. The ATO has urged all taxpayers that have applied the small business […]

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Small business CGT concessions: when do I qualify?

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CGT concessions allow you to reduce – or in some cases, completely eliminate – the capital gain from the sale of a business asset, whether it’s held directly by your business entity or in another related structure. What’s more, the concessions also allow you to make extra super contributions – sometimes up to $1,515,000 – […]

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