Concessional Gains Tax

From the 2007-08 financial year, owners selling their small businesses benefit from a higher minimum asset threshold of $6 million, up from $5 million; and are, alternatively, eligible for the CGT concessions if their turnovers are under $2 million – even if asset values exceed $6 million.
The combination of the small business CGT concessions together with the standard CGT concessions available to all taxpayers may completely wipeout CGT on the sale of a business – whether held by individuals, trusts, companies or partnerships.