Where all conditions are met, the exemption can apply to an asset held continuously for at least 15 years when the relevant individual is 55 or older and the event is connected with retirement, or the individual is permanently incapacitated.
Business owner preparation
Australian Business Exit Fairness Checklist.
If you are considering selling or passing on your business in the future, use this checklist to organise the decisions around family fairness, CGT concessions, succession, retirement and what happens to the wealth after the transaction.
Why use it?
Why do I need a business exit checklist?
A business sale is not only a transaction. It can change retirement income, family wealth, tax, control, estate planning and the amount of risk your family carries.
If you are considering selling in the future, this checklist helps you prepare the information and questions that should be discussed with your accountant, lawyer and financial adviser before the sale timetable becomes urgent. It can also help you think through how wealth may be shared or controlled fairly across the family without treating tax, succession and investment decisions as separate projects.
Australian Business Exit Fairness Checklist
Work through the exit in the order the decisions usually arise.
Priority review items can affect tax, legal, settlement or family outcomes, but their relevance still depends on your circumstances.
Overall progress0 of 52 items0% complete
Priority review0 of 31 itemsItems to raise early with the relevant professional
01
12-24 months before exit: initial assessment
02
Family communication and fairness
03
Assemble and coordinate the advisory team
04
Tax and CGT concession review
05
Ownership, legal and risk review
06
Estate and succession integration
07
During the sale process
08
Post-exit actions
0/52 prepared
Use the remaining items to structure your next accountant, legal and financial-advice conversations.
CGT concession checkpoints
Questions worth testing before the sale is locked in.
Eligibility is technical and should be confirmed by a qualified tax adviser. Current ATO guidance includes a small-business entity pathway based on aggregated turnover below $2 million, or the maximum net asset value test of no more than $6 million, together with other conditions including the active asset rules.
The small business retirement exemption has a $500,000 lifetime limit. If the relevant individual is under 55 when the choice is made, special superannuation contribution requirements can apply.
The small business 50% active asset reduction and small business rollover may also be relevant. The general CGT discount depends on the owner type and other conditions.
Official reference: Australian Taxation Office - business concessions. Tax rules can change, so confirm the position for the transaction year.
Business owner pathway
Connect the exit to personal wealth, retirement, protection and the family balance sheet.
Financial advice for business owners →Succession and estate planning
Review control, beneficiaries, family fairness and the structures that continue after the sale.
Explore estate and succession planning →Retirement after the business
Test what sale proceeds need to fund and how super, investments and cash flow fit together.
Explore retirement planning →
Continue the business-exit cluster
Read the business exit preparation guide →
Review superannuation and SMSF considerations →
Review business and personal protection →
Plan the post-exit investment strategy →
Business exit FAQ
Common questions before a sale or succession.
Starting 12 to 24 months before an intended transaction can create more time to organise valuation, ownership, tax, succession and post-exit planning. Complex family or ownership situations may benefit from an even earlier review.
No. It highlights the information and questions to prepare. Eligibility depends on detailed statutory conditions and should be confirmed by a qualified tax adviser using the facts of the proposed transaction.
Family members can have different roles, needs and expectations. Discussing control, liquidity and distribution principles before the sale can help identify issues that need legal, estate-planning or financial-advice input.
A typical team may include a commercial lawyer, accountant or tax adviser and financial adviser. Other specialists may be required depending on the business, transaction and family circumstances.
That depends on tax, liquidity, debt, retirement, superannuation, investment, estate and family objectives. The proceeds should be considered as part of the broader financial plan rather than automatically invested or distributed in one way.
Ready to start?
Bring the checklist. We can map what needs to happen next.
Use the incomplete items to make the first conversation more focused and identify where AMGENT should coordinate with your accountant and lawyer.
General information and preparation tool only
This checklist does not determine eligibility for tax concessions, recommend a transaction structure, provide tax or legal advice, or guarantee any tax saving or family outcome. Personal advice depends on your objectives, financial situation, needs and the agreed scope of advice.