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  • Small business capital gains tax concessions

    We have found that some larger and wealthier businesses are mistakenly claiming Capital gains tax (CGT) concessions when they are not entitled to. If your clients have claimed one or more Small business CGT concessions in recent income tax returns, you or your clients may receive a letter from us. The letter will ask you to check your clients’ claims and ensure that they meet the basic eligibility conditions, and that they have records to substantiate their claim.

    We encourage you to check all your clients’ recent or planned future Small business CGT concession claims are accurate. You can see what attracts our attention for Small business CGT concessions and contact us if you identify an error with any of your clients claims.

    To ensure Small business CGT concession eligibility and avoid administrative time to correct a mistake you can:

    • reach out to us for an early engagement discussion to seek advice on your client’s small business complex transaction
    • seek a pre-lodgment compliance agreement for your client’s commercial deals and restructure events
    • apply for a private ruling to attain certainty on your client's application of small business CGT concessions.

    See also

    Last modified: 16 Nov 2021QC 67318