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Selling your business. What you should know
5 June 2013
Superannuation is in the news againMost business owners who run their own businesses should be aware of the 'Small business 50% active asset reduction rule' When you sell your business, this rule lets you reduce the capital gain tax (CGT) by half. But, for small business there are three other tax exemptions that you should be aware of.
The small business 15 year exemption If your business has been owned by you for more than 15 years and you are over 55 years, and are retiring (or permanently incapacitated) you pay no capital gains tax.
The small business retirement exemption. If you sell a business, the first $500 000 will be exempt from capital gains if it is paid into a superannuation fund.
The small business rollover. If you sell a small business,you can defer the CGT for two years.It's important to know how to manipulate your finances to minimize your tax obligations.