The concessions reduce the capital gain on business assets that you must include in your assessable income.
Businesses must first satisfy the basic conditions that apply to all the CGT concessions for small business. And then satisfy any additional conditions that apply specifically to the individual concessions.
Business can apply as many concessions as they are entitled to until the capital gain is reduced to nil. This choice allows one to achieve the best tax results for their Business circumstances.
There are rules about the order one apply the CGT small business concessions, any current year or prior year capital losses and the CGT discount.
Contact the team at South East Access for details on special CGT concessions available to you as a business entity.
