CGT small business concessions and contributions to super
Death and the small business CGT concessions
Beneficiaries, legal personal representatives and surviving joint tenants who acquire small business assets as a result of death will generally be eligible for the small business CGT concessions if:
- The deceased would have met the basic conditions if disposing of the asset just prior to the time of death, and
- The asset is disposed of by the beneficiary or legal personal representative within two years of the date of death.
Where the 15-year exemption is claimed in this case, the requirement that the CGT event happens in connection with retirement does not apply. Where the small business retirement exemption is claimed in the event of death, there is no need to contribute the exempt amount to super, regardless of the individual's age.
While beneficiaries, legal personal representatives and surviving joint tenants may be eligible for one or more small business CGT concessions, they are not able to elect for the contribution of eligible proceeds to count towards the lifetime CGT cap.
Last modified: Wednesday, January 10, 2018