Capital Gains Tax Retirement Exemption
...ARE YOU ELIGIBLE FOR THIS BUSINESS 'BOOST'?
Small business taxpayers can receive relief from capital gains tax (CGT) if they sell assets called ‘active assets’ used in their business. The exemption does not apply to gains made from passive (investment) assets.
The exemption is available to small business companies and trusts operated by one or two controlling individuals and to the following individuals:
- to sole traders and partners operating a small business, and
to certain shareholders in a small business company or interest holders in a small business trust.
To learn more about who qualifies for the small business CGT retirement exemption and how to calculate the CGT exempt amount have a look at
http://www.ato.gov.au/content/downloads/n8384CGT.pdf
Last Updated (Friday, 18 June 2010 09:44)
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