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CGT concessions


Small business may be eligible for the following CGT concessions :

CGT 15-year exemption

If the business over is  55 or older and retiring or are permanently incapacitated, and your business has owned an asset for at least 15 years, there will not be any you  CGT payable on disposal of business.

CGT 50% active asset reduction

If the asset was owned to conduct the business (an 'active asset') the business owner will only pay tax on 50% of the capital gain when the asset is disposed.

CGT retirement exemption

There is CGT exemption on the sale of a business asset, up to a lifetime limit of $500,000. If you are under 55, money from the sale of the asset must be paid into a complying superannuation fund or a retirement savings account.

CGT rollover

If the small business owner sells a small business asset and buys a replacement asset or improve an existing one, the business owner can defer the  capital gain until a later year.

GST concessions

The (GST) concessions that small business may be eligible for:

Accounting for goods and services tax (GST) on a cash basis

Small businesses can account for the GST on a cash basis which helps greatly with cash flow which is often a very crucial aspect of the business.  The small business must pay GST on sales in the same tax period payment is received for those good and services. GST is not payable on debtors outstanding at end of that tax period.  Likewise, GST credits are claimed on purchases that are paid for within that tax period. No claim is made for creditors at end of tax period.

Paying GST by instalments

Another option is the ability to pay GST by instalments worked out for you by the ATO.  The amount can be varied each quarter if the small business chooses too.

Annual apportionment of GST input tax credits

If items are purchased items  partly for private purposes, you can choose to claim full GST credits for these items on your activity statements and then make a single adjustment to account for the private use percentage after the end of your income year.

PAYG instalment concessions

If the small business is paying PAYG instalments quarterly, the business can choose to pay instalment amounts calculated by ATO.

In the event arises  that the small business  believes the instalment amounts work out to more or less then calculated by ATO. The small business has the following options available.

  • pay the instalment amounts worked out and have any overpayments refunded, or make up any shortfall once your income tax return is processed
  • vary your instalment amounts each quarter
  • Work out your PAYG instalment amount yourself using the instalment rate X instalment income option.

However is it very important to note that small business may be liable to pay the general interest charge if you vary your instalment down and end up paying less than 85% of the tax that you should have paid on your business and investment income. You will not be liable for additional charges if you pay the amount determined by ATO.

FBT concession

Small businesses may also be exempt from fringe benefits tax (FBT) on car parking benefits that it provides subject to certain conditions being met.

Please contact us for more information on any of the above.

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accountant, accounting firms, business accounting, accounting business, financial accounting, tax accountant, tax accountants, small business accountants, small business accountant, small business accounting, accountants, tax returns, cpa, tax agent, chartered accountants, accounting firm, accounting services

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