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Capital gains tax concessions for small business

Lifetime CGT cap

Section: 12.2

12.2 Lifetime CGT cap

A member can elect for proceeds from the sale of an asset to be used towards the CGT lifetime limit. The proceeds that qualify for either the 15-year exemption or the retirement exemption ($500,000 lifetime limit applies) may qualify to be excluded from the non-concessional cap.

For a contribution to qualify as a CGT cap contribution the member must notify the superannuation fund (CGT cap election form) before or at the time of making the contribution. This form can be obtained from the ATO or a superfund may have its own version for members to use.

Financial year Lifetime cap amount Source of contribution
2023-24 $1,705,000 Exempt capital gains and/or sale proceeds
2022-23 $1,650,000 Exempt capital gains and/or sale proceeds

This technical resource is intended for the use of financial advisers only. It is current as at the date of publication but may be subject to change. This publication has been prepared without taking into account a potential investor's objectives, financial situation, needs or objectives. Before making a recommendation based on this material, you should consider its appropriateness based on the client's objectives, financial situation and needs. Rainmaker Group is not a registered tax agent under the Tax Agent Services Act 2009. Your client should refer to a registered tax agent before relying on information published herein that may impact their tax obligations, liabilities or entitlements.

Last modified: Wednesday, June 28, 2023