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Case study: Business owners at retirement (selling the business)

3 April 2013 by Jeff McLachlan Leave a Comment

The challenge

Liz and Shane decided it was time to retire. After the sale of two business assets they expect to receive net sale proceeds of $1.1m. One asset has a gross capital gain of $450,000 whereas the other asset a $70,000 capital loss. Their accountant has confirmed that their business meets the broad eligibility requirements to be eligible for the small business CGT concessions.

Our solution

We advised Liz and Shane that they were also eligible for the general 50 per cent discount on both business assets. As a result, they end up with a $190,000 net discounted capital gain to which they could apply one or more of the small business CGT concessions.

In addition, we recommended that Liz and Shane make use of the CGT Small Business Concession Contribution cap (a lifetime limit of $1,225,000). This enabled them to contribute the $1.1m net sale proceeds to super without exceeding their concessional or non-concessional caps.

The outcome

Today, Liz and Shane are enjoying the retirement lifestyle they always looked forward to. We continue to help them extend and protect their wealth for future generations.

This is a hypothetical example based on a real client experience. Names and details have been changed.

Filed Under: Case studies

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About us

Jeff firmly believes that his primary role as a trusted financial adviser is to help clients ‘plan well’ and ‘invest well’ so they may ‘live well’. Jeff McLachlan Jeff completed a Bachelor of … Read more

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