I am selling a business, is there an effective way to minimise capital gains tax?

Hi Peter. As you have a business I would expect that you have an accountant to look after the financial aspects of your business and handle your taxation requirements. I strongly recommend you speak to him / her to learn how to treat the CGT issue.

Okay, this is a question for an accountant. But here is my 2c. If you sell after 12 months since purchase date (date your business sale contract) then you may be eligible to 50% off the CGT. Same as property investment. There are rollover provisions if you are selling to buy another business which allows you to defer CGT but that's detail you need for an accountant. If you claimed al the expenses incurred to buy the business as operating expenses than your CGT is usually higher it's call grossing up your cost base. If you didn't then your CGT might be less than you think. If you have a lot of equipment then value that as high as possible because CGT isn't levied on that value, mainly only the goodwill component. Then there's trusts and distributions etc... List goes on. See your accountant mate.

Great question and answers.

Peter, there definitely are ways to minimise CGT for both the business sale and equipment but there are a number of rules and conditions that needs to match your particular situation.

Both your Accountant and Financial Adviser should have been working with you in advance to plan for this.

Happy to chat and give you a 2nd opinion.

Hi Peter, the simple answer is yes. However that comes down to how you structured your business to begin with. Speak to your account or find a good one (happy to refer you one).

Regards Ariel