If you\u2019re running a small business and you\u2019ve made some money from selling assets (like property or equipment), there\u2019s a fantastic tax break you might not be taking full advantage of the Capital Gains Tax (CGT) small business concessions.<\/p>\n
Here\u2019s the lowdown in simple terms:<\/strong><\/p>\n 1. What\u2019s the Concession?<\/strong> 2. The Roll-Over Concession: What\u2019s That?<\/strong> 3. Why is this Useful?<\/strong> 4. Continuous Rollover Magic:<\/strong> 5. Important Note: Get Professional Advice!<\/strong> In a nutshell, if you\u2019re a small business owner who\u2019s made some money from selling things, take a closer look at these concessions. They might just save you a bundle in taxes!<\/p>\n \u2014<\/strong><\/p>\n Remember, while simplifying complex tax information, it\u2019s crucial to maintain accuracy. Always consult with a tax professional for personalised advice based on your specific situation.<\/p>\n","protected":false},"excerpt":{"rendered":" If you\u2019re running a small business and you\u2019ve made some money from selling assets (like property or equipment), there\u2019s a fantastic tax break you might not be taking full advantage of the Capital Gains Tax (CGT) small business concessions. Here\u2019s the lowdown in simple terms: 1. What\u2019s the Concession? \u2013 These concessions can help you […]<\/p>\n","protected":false},"author":1,"featured_media":504,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-503","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"acf":[],"_links":{"self":[{"href":"https:\/\/dev5.myvtd.site\/amaze\/wp-json\/wp\/v2\/posts\/503","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dev5.myvtd.site\/amaze\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dev5.myvtd.site\/amaze\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dev5.myvtd.site\/amaze\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dev5.myvtd.site\/amaze\/wp-json\/wp\/v2\/comments?post=503"}],"version-history":[{"count":1,"href":"https:\/\/dev5.myvtd.site\/amaze\/wp-json\/wp\/v2\/posts\/503\/revisions"}],"predecessor-version":[{"id":505,"href":"https:\/\/dev5.myvtd.site\/amaze\/wp-json\/wp\/v2\/posts\/503\/revisions\/505"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dev5.myvtd.site\/amaze\/wp-json\/wp\/v2\/media\/504"}],"wp:attachment":[{"href":"https:\/\/dev5.myvtd.site\/amaze\/wp-json\/wp\/v2\/media?parent=503"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dev5.myvtd.site\/amaze\/wp-json\/wp\/v2\/categories?post=503"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dev5.myvtd.site\/amaze\/wp-json\/wp\/v2\/tags?post=503"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\n\u2013 These concessions can help you either eliminate or reduce the tax you pay on the money you\u2019ve made.
\n\u2013 If you put the money into your superannuation fund, you might even get away with paying no tax at all.<\/p>\n
\n\u2013 This is a bit like pressing pause on the tax you owe.
\n\u2013 If you use the money from selling something in your business to buy a similar \u201creplacement\u201d within two years, you can delay paying the tax on your profit for two years.<\/p>\n
\n\u2013 Well, first off, it buys you time. You can figure out what to do with the money and whether you want to jump back into business.
\n\u2013 And here\u2019s a neat trick: After the two-year pause, if you\u2019re 55 or older, you might not have to pay any tax on the profit. If you\u2019re younger, you might have to put the money into your super fund, but that can be a smart move.<\/p>\n
\n\u2013 If you buy something new with the money and then that thing gets old or you sell it within two years, you can use the profit again to buy something else.
\n\u2013 You can keep doing this until you retire, and then you might pay no tax on all those profits.<\/p>\n
\n\u2013 Taxes can be tricky, and it\u2019s smart to talk to someone who knows the ins and outs of the tax world. A tax professional can help you make the most of these opportunities.<\/p>\n