Is the CGT event in relation to the sale of your business in connection with your retirement for the purposes of paragraph 152-105(d)(i) of the Income Tax Assessment Act 1997 (ITAA 1997) ?
Yes, the CGT event in relation to the sale of your business is in connection with your retirement. This ruling applies for the following periods : Income year ended 30 June 20XX Income year ending 30 June 20XX The scheme commenced on: 1 July 20XX
You established a business as a sole proprietor more than 15 years back. You are over 55 years of age. You have entered into a sale agreement to sell your business. The settlement date is DD MM 20XX. You will completely retire from settlement day. You will make a capital gain on the sale of your business.
Income Tax Assessment Act 1997 section 152-105 Income Tax Assessment Act 1997 paragraph 152-105(d)(i)