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Small business CGT

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Hi,
A family have owned a supplies store and the adjacent land for the past 6 Years.
This business and land are held in a family trust with 4 trustees. Trustee 1 has a 40% share, trustee 2 has a 35% share and trustee’s 3 & 4 both have 12.5% shares.
It is a small business entity with a turnover of less than 2million.
It is being sold for 800,000:
Land 400,000
Shed and equipment 300,000
Stock 50,000
Goodwill 50,000

Resulting in a caption gain of approx 400,000.

Could you please direct me as to what capital gain concessions may be available upon sale of this business?
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Hi @Lanna,

 

Welcome to our Community!

 

We can provide you with general information here on our Community, however if you're after more tailored information relating to your specific circumstance you can write to up to apply for a private ruling. Private rulings are binding advice from us that explains our view on how the tax law applies to your specific situation. They are a free service and we aim to response within 28 days from receiving your request.

 

There are four concessions that may allow you to disregard or defer some or all of a capital gain from a small business:

You can find more information about the small business CGT concessions on our website, including basic eligibility conditions and choosing and applying the concessions.

 

If you have general questions regarding this information, you can phone us on 13 28 61 between 8am - 6pm, Monday to Friday to speak with an operator.

 

Thanks, JodieH.

 

 

1 REPLY 1

Best answer

ATO Certified

Community Support

Replies 0

Hi @Lanna,

 

Welcome to our Community!

 

We can provide you with general information here on our Community, however if you're after more tailored information relating to your specific circumstance you can write to up to apply for a private ruling. Private rulings are binding advice from us that explains our view on how the tax law applies to your specific situation. They are a free service and we aim to response within 28 days from receiving your request.

 

There are four concessions that may allow you to disregard or defer some or all of a capital gain from a small business:

You can find more information about the small business CGT concessions on our website, including basic eligibility conditions and choosing and applying the concessions.

 

If you have general questions regarding this information, you can phone us on 13 28 61 between 8am - 6pm, Monday to Friday to speak with an operator.

 

Thanks, JodieH.

 

 

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