Selling a business? Don’t forget about tax

David Briese • February 27, 2019

It can take many years and a lot of hard work to build a successful small business. When you finally decide it’s time to sell, tax is often the last thing on your mind. Yet it can have a big impact on how much of the sale price you get to keep – and how much goes to the taxman.

One of the biggest tax issues to consider is capital gains tax (CGT). Although the Government tightened eligibility for its small business CGT concessions in 2018, there are still generous discounts available for those who qualify. These are on top of the normal 50 per cent general discount on CGT that applies when an asset has been owned for more than 12 months.

The first concession is the 15-year exemption, which exempts the capital gain from a business asset if you have owned it for at least 15 years. If you are aged 55 or older and are retiring, or are permanently incapacitated, you won’t pay any CGT when selling, gifting or transferring the business asset.

The second concession is a 50 per cent active asset reduction. This discount allows you to reduce the capital gain arising from the sale of an active business asset.

The rollover concession allows you to defer the capital gain from the disposal of an active business asset until a later financial year if you buy a replacement asset or make a capital improvement to an existing asset. The replacement asset can be acquired one year before, or up to two years after the CGT event.

The final concession is for small business owners who sell an active business asset to retire. They receive a CGT retirement exemption up to a lifetime limit of $500,000. If you are aged under 55, money from the asset sale must be paid into a complying superannuation fund.

Before you can apply any of the small business concessions, your business must meet the Government’s recently tightened basic eligibility conditions. If you are thinking of selling your business, call us to discuss the potential CGT implications and whether your business qualifies for the concessions.

Adrian Rasmussen retires after decades supporting Regional Queensland

By BMO • June 30, 2026
After an incredible career dedicated to supporting regional businesses, farming families and rural communities, BMO Business Centre Partner Adrian Rasmussen will officially retire from the partnership effective 30 June 2026. For many across the Western Downs and beyond, Adrian has been far more than an accountant or advisor. Over decades in business, he has built trusted relationships grounded in honesty, loyalty and a genuine understanding of regional life and the people who live it. Adrian’s connection to the country and agriculture has always been at the heart of who he is. He has worked alongside generations of farming families and business owners through seasons of growth, challenge and change, becoming a steady and respected presence for clients, colleagues and the wider community alike. Reflecting on his time at BMO, Adrian said the relationships formed throughout his career have been among the most rewarding parts of the journey. “It has been a privilege to work with so many wonderful people over the years; not only clients, but colleagues and communities who have become lifelong friends,” Adrian said. “Regional communities are built on relationships, trust and supporting one another, and I’m incredibly grateful to have been part of that throughout my career.” BMO Business Centre Managing Partners Kelvin Tyler and Michelle McVeigh said Adrian’s contribution to both the business and the region would leave a lasting legacy. “Adrian has played an incredibly important role in shaping BMO into the business it is today,” they said. “His care for clients, commitment to regional communities and calm, practical approach have earned enormous respect across our industry and the communities we serve. While we will certainly miss having him in the office, we are excited for Adrian and his family as they enter this next chapter.” While stepping away from the partnership, Adrian is looking forward to spending more time with family, on the farm and enjoying a well-earned change of pace after many years dedicated to supporting others. Everyone at BMO Business Centre extends their sincere thanks to Adrian for his years of service, friendship and leadership, and wishes Adrian and his family all the very best for the future.

Your 30 June superannuation checklist

By Nikki Ashurst • June 4, 2026
Five easy ways to get more into your super fund before the end of the financial year.