This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.
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If you are a small business owner, you may qualify for one or more of the following small business CGT concessions: the 50% active asset reduction, small business rollover relief or the small business retirement exemption. You can apply these concessions now to the amount of any relevant capital gains remaining after step 7. You may apply the concessions to capital gains calculated using any of the three methods.
Note: The Government announced in the 2008-09 Budget that it will increase access to the small business CGT concessions for businesses with turnover less than $2 million via the small business entity test concession. This will apply to:
- taxpayers that do not carry on a business but own a CGT asset used in a business by a related entity
- an individual partner who owns a CGT asset (not an interest in an asset of the partnership) used in the partnership business.
At the time of publishing these instructions this change had not become law.
For more information, see the publication Capital gains tax (CGT) concessions for small business - overview.
Last modified: 09 Mar 2010QC 27956