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From a tax question to source review. See Lawg in action. See the walkthrough
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Meet Lawg, our Australian tax intelligence platform. Research the question. Inspect the sources. Prepare a tax memo, client letter or file note with the facts, assumptions and reasoning ready for your review.
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Small business CGT
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My sole-trader client, 58, is selling a business run f
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Illustrative workflow, not live output or tax advice.

The work behind the answer

An answer is the start.
The file is the work.

Your client needs more than a conclusion. Keep the facts, the sources you inspect and the reasoning together in a working draft you can review.

Inspect the sources as part of your professional review.

From question to file

Small business CGT research, from client facts to file note.

Follow one illustrative business-sale matter. Frame the 15-year exemption questions, inspect the legislation and prepare a working draft for the client file.

Scope the question

Start with the small business CGT question.

Your client is 58, selling a business built over 18 years and planning to consult one day a week. Turn the question about the 15-year exemption into a focused research plan.

  • Separate business history from ownership of the asset sold
  • Identify the sale dates and post-sale work arrangements
  • List the evidence needed before assessing a concession
Small business CGT
Personal workspace
For this business sale, what facts do I need to investigate the small business CGT 15-year exemption?
Lawg
Business sale: questions for the client

The client is 58, has operated the business for 18 years and proposes one day of consulting each week after sale.

Asset and ownership

Who owns the goodwill being sold? Obtain the acquisition records and history of its use in the business.

Retirement and timing

Record current hours, the consulting role and the sale dates. Obtain the contract and transition agreement before assessing the position.

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Illustrative workflow, not live output or tax advice.

Inspect the sources

Put the CGT provision beside the facts.

Open section 152-105 of the Income Tax Assessment Act 1997. Inspect the retirement wording in context, then return to the client's proposed consulting arrangement.

  • Move from a reference to the source passage
  • Check the provision, source identity and version
  • Keep the full conditions in view as you develop the analysis
Small business CGT
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Show me the retirement connection in section 152-105 for this client's business sale.
Lawg
Small business CGT: source review

The retirement wording to examine is in section 152-105(d)(i).

Questions for this matter

How will the client's role change after sale? What does the consulting agreement say? Read that wording alongside the other conditions and the asset's ownership history.

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Income Tax Assessment Act 1997

Federal Register of Legislations 152-105(d)(i) · Retirement connectionCompilation 268 · 1 October 2026

Selected statutory excerpt. Read with the other conditions in section 152-105.

Subdivision 152-B · Small business 15-year exemption

152‑105 15‑year exemption for individuals

If you are an individual, you can disregard any *capital gain arising from a *CGT event if all of the following conditions are satisfied:

(a)the basic conditions in Subdivision 152‑A are satisfied for the gain;

(b)you continuously owned the *CGT asset for the 15‑year period ending just before the CGT event;

Note:Section 152‑115 allows for continuation of the period if there is an involuntary disposal of the asset.

(c)if the CGT asset is a *share in a company or an interest in a trust—the company or trust had a *significant individual for a total of at least 15 years (even if the 15 years was not continuous and it was not always the same significant individual) during which you owned the CGT asset;

(d)either:

(i)you are 55 or over at the time of the CGT event and the event happens in connection with your retirement; or

(ii)you are permanently incapacitated at the time of the CGT event.

View on Federal Register of Legislation

Illustrative workflow, not live output or tax advice.

Prepare a working draft

Take the business-sale research into the client file.

Bring the CGT question, source references and client follow-ups into a tax memo, client letter or file note. Give the next reviewer a clear record to work from.

  • Carry the supplied facts and source references into the draft
  • Keep ownership evidence and the consulting terms on the action list
  • Prepare a Word draft in the format your matter needs
Small business CGT
Personal workspace
Prepare a file note on the business sale, the CGT research and the documents we still need from the client.
Lawg
Business sale: CGT research file note

Client: 58. Business operated for 18 years. Proposed post-sale consulting: one day a week.

Research record

Section 152-105 is a source for the 15-year exemption enquiry. The client's particular asset and retirement circumstances still need assessment.

Client follow-up

Request the sale contract, goodwill acquisition records, asset-use history and consulting agreement. Record the Division 152 basic-condition checks before finalising the position.

Create a professional document

Use this answer to prepare a Word draft for professional review.

Tax Advice MemoStructured opinion with issue, law, analysis, conclusion, and caveats.
Client LetterProfessional letter draft with background, advice, and next steps.
File NoteInternal workpaper documentation with facts, analysis, and position.
Download startedDownload Word draft

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Example Word outputIllustrative file note
Download example (.docx)

FILE NOTE

Adviser:
Illustrative example
Date:
22 October 2026
Client:
Illustrative client
File No:
DEMO-CGT-01

Business Sale CGT Research

Matter Summary

Record the research questions and evidence needed for the client's proposed business sale and post-sale consulting arrangement.

Relevant Facts

The client is 58 and operates as a sole trader. The business has operated for 18 years. The client proposes to consult one day a week after the sale.

Assumptions

Business duration is not treated as proof of continuous ownership of the particular CGT asset. The asset acquisition date remains to be confirmed.

Issue Considered

What needs investigating before assessing the Division 152 basic conditions and the 15-year exemption, including the retirement connection?

Position Taken

The research position remains open pending the asset records and consulting terms. No eligibility conclusion is recorded.

Basis for Position

Section 152-105 contains multiple conditions. The source reviewed is Compilation 268 of the Income Tax Assessment Act 1997, dated 1 October 2026.

Risks and Caveats

Ownership continuity, active use, transaction dates and consulting terms remain unconfirmed. Related entities and changes in business structure also need investigation.

Action Items
  1. Obtain the sale contract and goodwill acquisition records.
  2. Confirm the seller, asset-use history and CGT event dates.
  3. Review current hours and the proposed consulting agreement.
  4. Research the Division 152 basic conditions and record outstanding checks.
Authorities Cited

Income Tax Assessment Act 1997 (Cth), section 152-105, Compilation 268. Further research is required before settling the client's tax position.

This document is an AI-generated draft prepared by Lawg based on the information provided and the sources available to the system at the time of generation. It is intended for review and refinement by a qualified professional before being relied upon or provided to any client or third party. It may not address all facts, assumptions, authorities, or risks relevant to the matter. Lawg does not accept liability for any loss arising from reliance on this draft without appropriate professional review.

Lawg · Illustrative file note

Illustrative workflow, not live output or tax advice.

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Tax Research Scenarios

Bring the questions already on your desk.

The same research-to-draft approach can start with a company loan, a property transaction or a client's superannuation question. Explore the research tasks below.

How does Division 7A apply to a private company shareholder loan?

Research s 109D and related Division 7A provisions, identify possible trust-distribution or CGT issues, and prepare a memo draft for review.

What are the CGT small business concession eligibility tests?

Research the current Division 152 conditions, identify possible PSI or GST issues, and prepare a client-letter draft. Eligibility is fact-sensitive.

When is GST payable on a property settlement adjustment?

Investigate whether the supply may be taxable, GST-free, or input taxed, and research possible margin-scheme, settlement-adjustment, CGT, or duty issues.

How do I calculate fringe benefits tax on a company car?

Research the statutory-formula and operating-cost methods, current rates and factors, and any potentially relevant exemption.

What are the trust distribution streaming rules under ss 115 and 207?

Research trust-deed and resolution issues, ss 115 and 207, possible s 100A concerns, and related Division 7A questions.

What are the SMSF contribution caps and bring-forward rules?

Research current contribution caps, bring-forward and carry-forward rules, balance thresholds, and possible excess-contribution consequences.

Professional review remains essential. Check current law, source currency, complete client facts, amounts, dates, calculations, eligibility and conclusions before relying on a draft.

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Start the next piece of work for your client file.

Bring a client tax question. Research the issues, inspect sources and prepare a memo, client letter or file note for professional review.

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