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15-YEAR EXEMPTION CGT CONCESSIONS FOR SMALL BUSINESSES

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24
May

The Capital Gains Tax (CGT) concessions for small businesses apply to provide a measure of CGT relief to eligible small business taxpayers for disposal of certain assets.

Once the owner has qualified for the exemptions there are four concessions available. But the most valuable of the small business CGT concessions is the 15-year asset exemption. If you have operated a business owning an asset for 15 years and your age is 55 years or more, or if you are permanently incapacitated then you will be eligible for this exemption. To apply the exemption, you must use your asset in the business for at least 7½ years during the total period that you owned it. Once the 15-year exemption is applied, you will not have an assessable capital gain and therefore you do not apply any further concessions.


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