About this guide
This guide provides general information about the capital gains tax (CGT) concessions available for small business and is current for 2006–07.
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, 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 2005–06 (NAT 4151).
For a more detailed explanation of the capital gains tax concessions for small business, see the Advanced guide to capital gains tax concessions for small business 2006–07 (NAT 3359). You may also want to discuss your capital gains tax situation with your tax advisor.