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1.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 improves an existing one, the business owner can defer the capital gain until a later year.

2. Superannuation

Superannuation is a way of saving for your retirement. Both you and your employer can make contributions that accumulate over time and this money is then invested in shares, government bonds, property, or other appropriate investments.

On retirement or after disability or death you or your estate can then draw down these funds as regular periodic payments (ie, a pension), a lump sum payment, or a combination of both.

How much will you need for retirement?

How much money you will need depends on the level of income you want during your retirement, and the number of years that you will be relying on your own funds. The higher the income you want, and the longer you need it, the more money you will have to save before retirement. We can assist you in calculating your requirements and advise on steps in achieving these goals.

Self Managed Superannuation Funds - SMSF

Self Managed Superannuation is available to everyone. However given the compliance and administration costs involved generally it is not recommend for account balances of below $200,000.

Benefits of SMSF

Freedom of investment choice - you decide how and where to invest your superannuation funds for the best returns. This can unlock the door to investment options not currently available in managed funds, such as property, fixed interest, direct shares, wholesale managed funds, and alternative investments.

Maximum tax payable on contributions and earnings is 15%.
Imputation credits on dividends received can reduce the overall tax to be paid, and excess credits are refundable.

SMSF can invest up to 100% in business real property (family business premises owned by members).
Earnings in the pension phase are not taxable
On retirement, assets can be rolled over into the pension phase and any capital gains on these assets will have no tax payable.

How can we assist?

We work closely with a very well repudiated Financial Planner who will be able to assist you reach your retirement goals. We also can set up the Fund on your behalf as well .

3. Small Business Tax Concessions

If you are a small business there a number of tax concessions and advantages which you will be able to use to your benefit. There are conditions to be met however.

A small business satisfies the eligibility criteria being you carry on a business and your business turnover (aggregated turnover) is less than $2 million. To satisfy the turnover test the following must be met.

Aggregate Turnover

  • was less than $2 million in the previous income year
  • is estimated to be less than $2 million for the current year (provided that your aggregated turnover was less than $2 million for one of the two previous income years), or
  • is actually less than $2 million at the end of the current year.

Aggregated turnover is your annual turnover plus the annual turnovers of any business entities you are connected with or are your affiliate. These are referred to as relevant business entities.


Concessions Available

Income tax concessions

Simplified trading stock rules

If the value of trading stock has not increased or decreased by more than $5,000 over the year, it is up to the small business owner do an end-of-year stocktake
 

Simplified depreciation rules

Small business can generally pool assets to make depreciation calculations easier and also claim an immediate deduction for most assets costing less than $1,000 each.

Immediate deductions for prepaid expenses

There is an immediate deduction for prepaid expenses where the payment covers a period of 12 months or less that ends in the next income year.

Small business and general business tax break

You can claim an additional tax deduction when your business bought eligible assets, and when you spent money to improve eligible assets, subject to certain time limits and thresholds.

Two-year amendment period

Small business generally have a two-year time limit (from the day that the Commissioner issued your notice of assessment) for reviewing an assessment.

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