It is widely known that the small business CGT concessions can provide major tax savings when selling a business if the planets align and all the relevant requirements can be met.

Webinar summary

On Thursday, 22 October we held our latest HLB Community Webinar, presented by Sydney HLB Mann Judd Partner, Peter Bembrick to Australian Biz and HLB Community members.

This webinar will provides an overview on:

  • Whether a share sale or asset sale will give the business owners the best after-tax outcome in a range of different scenarios
  • The main issues impacting the tax payable from the sale, and steps that can be taken to minimise this

The main points are:

  • For most closely-held businesses it will be more tax-effective to sell shares rather than to sell the business assets out of a company, subject to relevant commercial, legal and practical issues.
  • The individual owners can generally use the CGT discount, the active asset concession and the retirement concessions to significantly reduce or eliminate the CGT payable on a share sale.
  • A business sale might be more tax-effective under the 15-year exemption where some share has been held for 15 years and some shares have not.

To access the presentation slides, please click here.

How can we help?

If you have questions regarding the presentation or if you are interested to learn about the benefits of becoming an HLB Community member, please contact Sydney Executive – Professional Partnerships, Tony Dickins on 02 9020 4240 or tdickins@hlbnsw.com.au.

Visit our HLB Community page for further insights to help you and your business during this challenging time.