Small Business CGT Concessions: Maximising Benefits When Selling Land

Selling land can create a significant capital gains tax issue, especially where land values have increased substantially over time.

For business owners, farmers and landowners, the small business CGT concessions can make a major difference when selling land. But the rules are often misunderstood, and with the ATO increasing its scrutiny of CGT claims, taxpayers and advisers need to understand how the concessions apply before relying on them.

In this episode of Explain That by Velocity Legal, Andrew Henshaw is joined by Tyson Bateman to discuss small business CGT concessions, how they may apply when selling land, and why careful planning can affect the tax outcome.

The discussion covers:

• how capital gains tax can arise on the sale of land;
• why the small business CGT concessions can be valuable for business owners, farmers and landowners;
• common misunderstandings about CGT concessions for small business;
• why rising land values can make CGT planning more important;
• the ATO’s increasing scrutiny of CGT concession claims;
• practical issues when applying small business tax relief rules;
• how landowners and advisers can approach CGT planning before a sale; and
• why the legal and tax position should be reviewed before relying on a concession.

A practical discussion for business owners, farmers, landowners, accountants and advisers dealing with capital gains tax on selling land, small business tax relief or ATO scrutiny of CGT claims.

For advice on small business CGT concessions, land sales, capital gains tax or CGT concession claims, contact Velocity Legal’s Tax team.