Closing down a business can be stressful. But with a little planning lodging your tax return can be simple.

Take Bob for example. Bob runs a successful workshop for his carpentry business, building kitchens for clients. He has owned his workshop for over 15 years. Bob is now 60 years old and ready to retire and sell his workshop. When he sells it, it will create a capital gains tax (CGT) event that he’ll need to declare in his tax return.

Bob follows tips he received from his tax agent and from our website to help him meet his tax time obligations. Bob will apply for the small business 15-year exemption from the sale of his workshop, meaning that he won’t need to pay any CGT. This is because of his age, how long he’s owned the workshop and eligibility criteria for his circumstances.

Bob can look forward to his retirement knowing he’s taken care of his taxes.

Do you qualify for CGT concessions?
Find out more on CGT concessions.

You can also seek professional help and advice from our registered tax professional around CGT for your business.