Hi,
For individuals (husband and wife) selling a commercial property (shop + a residence) is there any way to minimise the CGT on sale, aside from the 50% discount for holding for more than one year.
Thanks
Have you taken into account any capital works or improvements that you have undertaken (and added back any depreciation claimed)?
Have you used the commercial property in your own business, or is it a straight rental?
It's just a straight rental.
small business concessions possibly.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
small business concessions won't apply if it is not an "active asset" (i.e. used to operate business in an entity connected with you) for at least 50% of the time you own the property.
How old are you? Do you receive employment income? Could super be any option?
Super is probably your best option. Unless you are self-employed you will probably need to salary sacrifice which means you need to plan ahead – no good signing a contract on 29 June and trying to start salary sacrifice then as you won’t have enough salary coming in to make a difference. Also any super contributions your employer makes are counted in the $25000 limit and the important thing to also remember is it is the date that super payments are made by your employer to the fund that is used not the date payments are deducted from your salary
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