Having examples is the best way to understand how the Small Business CGT Concessions work. The only problem is there are thousands of possible scenarios. I will be doing some real life examples in a later video. derek
This is a fantastic video Derek. Thank you for all you do. My wife and I are 50/50 share holders in our company that we have owned for over 15 years. I am over 55, she 52. If we want to sell the business now and not wait another 3 years for her to turn 55, should she resign her 50% Share making me 100% and therefore avoid any cgt?
There is always a twist. The transfer of the 50% shares from your wife to you, will create a Capital gains tax event for your wife when you do the transfer. It would be hard to value the business low for that transfer and then sell the business a few weeks later for $1m. derek
Absolutely important information for business and life planning, and explained so clearly too. Thank you Derek!
As always a gem of a video Derek, thank you for all your videos.
Hi Derek
Love the way you explain
Would the 15 year exemption rule apply to someone that has already been retired for many years
Following. Would be great to see more examples of small business CGT concessions. Thanks.
Having examples is the best way to understand how the Small Business CGT Concessions work. The only problem is there are thousands of possible scenarios. I will be doing some real life examples in a later video. derek
Hi.. thank you, it's very good. Can i please clarify the significant individual. I thought it's 20% and not 40%?
you are correct. it is 20%. derek
I thought it was 20% to be a significant individual? Is it 40% as I cant find this rule.
This is a fantastic video Derek. Thank you for all you do. My wife and I are 50/50 share holders in our company that we have owned for over 15 years. I am over 55, she 52. If we want to sell the business now and not wait another 3 years for her to turn 55, should she resign her 50% Share making me 100% and therefore avoid any cgt?
There is always a twist. The transfer of the 50% shares from your wife to you, will create a Capital gains tax event for your wife when you do the transfer. It would be hard to value the business low for that transfer and then sell the business a few weeks later for $1m. derek
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