First State Super Logo

Home

CGT small business concessions and contributions to super

Small business contribution timeframes

Section: 8.10

Strict timeframes apply in order to contribute eligible small business sale proceeds and elect for them to be counted towards the lifetime CGT Cap. The relevant timeframes depend on the client's situation and are shown in the following table.

Concession being claimed Asset ownership Contribution timeframe
15 year exemption
 
Individual Later of:
  • Day tax return is required to be lodged for the year in which the CGT even happened
  • 30 days after receiving capital proceeds
Company/trust Payment must be received from company or trust within 2 years of the CGT event happening.

Contribution must be made within 30 days of receiving the above payment.

Small business retirement exemption
 
Individual aged 55 or over Later of:
  • Day tax return is required to be lodged for the year in which the CGT event happened.
  • 30 days after receiving capital proceeds
Individual aged under 55 Later of:
  • Day individual makes the choice that the exemption will apply (choice must generally be made by the time they lodge their tax return for the year of CGT event)
    • Day capital proceeds are received.
Company/trust, CGT stakeholder aged 55 or over Payment must be received from company or trust by the later of:
  • 7 days after the company or trust makes the choice that the exemption will apply (choice must generally be made by the time the company or trust lodges its tax return for the year of CGT event)
  • 7 days after he company or trust receives the capital proceeds.

Contribution must be made within 30 days of receiving the above payment.

Company/trust, CGT stakeholder aged under 55 Contribution must be made directly into superannuation by company or trust by the later of:
  • 7 days after the company or trust makes the choice that the exemption will apply (choice must generally be made by the time the company or trust lodges its tax return for the year of CGT event)
  • 7 days after the company or trust receives the capital proceeds.

Last modified: Wednesday, July 24, 2019