There’s an old saying, failing to plan is planning to fail.
And failing with the Small Business CGT Concessions can be costly. Very costly.
It can be the difference between walking away tax-free and paying tax you just didn’t need to.
But how does planning help with the concessions? Well, planning helps us to identify:
- Which eligibility requirements we are currently failing, and what corrective actions might be needed to instead satisfy them.
- Which eligibility requirements we are currently satisfying, and what actions might be needed to ensure that we can continue to satisfy them.
- The timing as to when we might need to sell or restructure in order to benefit from the concessions, as sometimes the concessions might be available now, but not later, or vice versa.
By planning, we give ourselves the best chance to benefit from the Small Business CGT Concessions and avoid costly mistakes.