The Australian Financial Review --- Page: 46 : 3 April 2007 Original article by Peter de Cure
ABIX Summary
Australia's draft superannuation laws allow a certain amount of the funds made on the sale of a business to be rolled into a super fund. There is a lifetime limit of $A1 million. However, individuals planning to undertake this strategy must ensure they qualify for the small business capital gains tax concessions. In addition, the assets associated with the business vendor must be worth no more than $A5 million in total. The capital gain on a business owned for more than 15 years is tax free. Business owners planning their super strategy are strongly advised to seek guidance from their accountants.
