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Have you sold a small business for a profit? A profit means that the sales price (proceeds) was greater than the cost of the business assets.
You are either selling your business which you operate as a sole proprietor, or you are selling your entire direct interest in a company (must be at least 10% of the shares of the company in order to qualify).
No
Yes
Yes, you qualify for the Capital Gains Exclusion relating to the disposal of small business assets on retirement.
You can deduct a once-off cumulative R1,8m exclusion from the capital gain you have made on the sale of your small business.
Please read our blog for further details.
No, you don't qualify for the Capital Gains Exclusion relating to the disposal of small business assets on retirement.
Your capital gain will be subject to capital gains tax as normal.
Please read our blog for further details.