A number of legislative changes have been made to the concessions outlined in this guide. These changes apply to CGT events that happen in the 2006-07 and later income years. The guide remains correct for the 2005-06 income year. An updated version of the guide for the 2006-07 and later income years is currently being prepared.
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This guide provides general information about the capital gains tax (CGT) concessions available for small business.
The concessions may apply to CGT events happening after 11.45am, by legal time in the Australian Capital Territory, on 21 September 1999 (we hereafter refer to this as 11.45am on 21 September 1999).
When we refer to ‘you’ or ‘your business’ in this guide, we are referring to you as a small business entity, for example, an individual (such as a sole trader), a partner in a partnership, a company or a trust that conducts a small business.
The guide assumes you have a basic understanding of how the CGT system works. It deals with the special CGT concessions available to you as a small business, not with your personal CGT obligations. If you need more information about capital gains tax in general, see the Guide to capital gains tax (NAT 4151).
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