Small Business Rollover -
1 Year ago a client, as a sole trader sold their farm and as a result a made capital gain
The client meeting all of the Small Business CGT Concessions and after applying these was left with a taxable amount of $320,000. At the time they had fully intended to use this money to buy another farm but in a different location and different Primary Production Activity and as such elected the 2 Year Business Rollover.
The individual was to young to meet the retirement age at the time of sale and if not for his desire to pursue the new business he would have contributed the amount to super to eliminate the CGT.
18months later now and the individual has had an unfortunate accident and is now not able to pursue this . He still however has the funds to be able to contribute the amount to super, but has he missed this opportunity which would seem highly unfair?
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