(02) 9387 4300 , Level 16, Westfield Tower 2, 101 Grafton Street, Bondi Junction NSW 2022 AUSTRALIA
Super boost for business owners

Super boost for business owners

Super boost for business owners

Changes announced in the 2016 Federal Budget grant small business owners the right to use the sale of their business to contribute more to their super than the introduced $500,000 lifetime after-tax contribution cap.

As the small business retirement exemption will continue, small business entities can contribute up to $500,000 of sale proceeds into their superannuation in addition to the new cap of $500,000. This provides small business owners with the opportunity to potentially double their contributions.

Small business owners will qualify for the exemption providing they have a net worth of less than $6 million or a business turnover, which currently stands at less than $2 million. Taxpayers must contribute the $500,000 to their superannuation fund before they lodge their annual return.

In addition, eligible taxpayers can make super contributions that do not count towards their non-concessional contributions cap, providing the contribution is the sale proceeds from the CGT asset that is exempt from capital gains tax.


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Level 16, Westfield Tower 2, 101 Grafton Street,
Bondi Junction NSW 2022

02 9387 4300

gpapas@oraclepartners.com.au