Life, Death and Taxes – Insights by Andrew Henshaw
GETTING THE SMALL BUSINESS CGT CONCESSIONS: WHEN IS A LIABILITY, A LIABILITY?
In the SME space, the small business CGT concessions are some of the most significant tax concessions available within the Australian tax system. If a taxpayer can use the small business CGT concessions, they can:
- save tax (hundreds of thousands or millions of dollars);
- internally restructure (e.g. for asset protection or estate planning reasons), without a massive tax impediment;
- make special contributions to superannuation (up to $1.415M), which are not affected by the new superannuation limits that start on 1 July 2017.