Tax basics for small business

CGT

You may have to pay CGT on business assets you sell, such as land or buildings, or intangible assets such as patents, licences or goodwill. However, you may be able to use the discount method and one or more of the small business capital gains tax concessions to reduce your taxable gains.

For more information, refer to: Guide to capital gains tax (NAT 4151) Guide to capital gains tax concessions for small business (NAT 8384) Concessions for small business entities - overview.

Remember to keep your business records for at least five years after the end of the financial year you sell or close your business in.

Sections within Selling or ending your business

• GST
• CGT