Baby boomers + small business + Cap Gains Tax

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Over the next several years baby boomers will be selling their businesses to retire. When they do they may well be attracting Capital Gains Tax (CGT) issues. If you are selling or planining to sell your business there are CGT concessions that may apply to your circumstances. The concessions can dramatically reduce CGT liabilities.

Various CGT concessions have been available to businesses and investors for some time. In recent years the government has implemented CGT concessions that apply specifically to "small businesses". There has also been lots of fiddling with the rules and guidlines. Variations to the "small business" concessions now exist for different periods with the latest rules applying from 1 July 2007.

If you are selling or planning to sell your business and you expect capital gains consequences you need to know the rules. Start planning your tax effective business exit plan now.

For more insight into business and taxation click go to our Business Portal here.

By David Maynard CEO
My Tax Zone

Copyright 2014. My Tax Zone.