Getting Wealthy: CGT and Small Business
In This Chapter
Being rewarded for running a business: CGT relief
Understanding CGT concessions for small business
Finding out some common mistakes associated with CGT Concessions for Small Business
T o encourage you to set up and run a small business and employ someone, the federal government has introduced a number of tax incentives. One of the tax incentives relates to capital gains you may make on disposal of business assets.
You may be liable to pay capital gains tax (CGT) on gains you make when you sell or otherwise dispose of CGT assets such as shares, real estate and collectables you acquired on or after 20 September 1985. The tax incentives are extremely beneficial if you’re contemplating retiring soon and you’re sitting on business assets that have increased in value.
In this chapter, I examine these small business concessions and explain what you need to do to qualify for them.
Keeping What You Sow: Tasting the Tax Incentive Goodies
Under the CGT concessions for small business, you may qualify for CGT relief when you dispose of certain CGT assets. These concessions are available to any form of business ownership (that ...