The Capital Gains Tax Implications of the Sale of your Business

There are numerous taxation implications on the sale of a business including income tax, stamp duty, GST and in most instances the most material is capital gains tax. With proper forethought and planning, you may be able to reduce or eliminate in total your capital gains tax, through the general CGT Discount together with the Small Business Tax Concession provisions.

The following are some of these concessions:
1.CGT Discount of 50% for individuals for assets held for more than 12 months
2.Small Business 15 Year Exemption for businesses held for more than 15 years
3.Small Business Active Asset Reduction
4.Small Business Retirement Exemption
5.Small Business Rollover
6.The timing and other contractual arrangements can have enormous effects, both negative and positive, on your capital gains tax bill. Your accountant will be able to advise you with regard to minimising all taxes on the sale of your business.

You are the expert in your business, and will have knowledge and expertise, which allows you to achieve optimal results in your business.
To ensure you achieve optimal results, throughout the sale of your business, have the equally proficient advisers to assist you in those areas of their expertise such as:
Broker: Assist with finding buyers and following this through to successful sale
Commercial Lawyer: Assist with optimal terms & conditions and other legal advice
Accountant: Ensure your financials and other records are presented in the best light to your purchasers, throughout the sale process, ensuring best possible outcomes with regard to cash flow, income tax and capital gains tax.

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