Sunshine Coast Region, Queensland
Accountant in Caloundra
Selling the business, selling the house, and what happens to the super
Capital gains, structuring and SMSF work for Caloundra owners stepping back from a business, and the households planning what comes next, from a CPA practice and SMSF Specialist.
Caloundra is a coastal town in the Sunshine Coast Region, 90 km north of the Brisbane CBD, looking across the Pumicestone Passage to Bribie Island. The wider town had 96,305 residents in the 2021 Census. The suburb of Caloundra itself had 3,932 residents with a median age of 58. Lomandra Accounting supports Sunshine Coast businesses from setup to succession with compliance and strategy that fit real operations.
The suburb of Caloundra
Figures below are for the ABS suburb of Caloundra, not the wider town.
The first allotments of land were advertised for public auction on 28 August 1883, and the council chambers had moved to Caloundra by 1968. The Caloundra Lighthouses and the Kings Beach Bathing Pavilion are heritage-listed, and in 2023 the Queensland Tourism Industry Council named Caloundra the Queensland Top Tourism Town.
In 2021, each five-year age band from 65 to 79 held between 7.8% and 9.2% of residents, and 285 people, or 7.2%, were 85 and over. Of the occupied homes, 48.1% were flats or apartments, 39.0% were owned outright and 42.3% of households were one person. Aged Care Residential Services was the largest industry of employment, followed by Cafes and Restaurants and Accommodation.
For a business owner nearing retirement, the questions turn to selling or passing on the business. The ATO has concessions for that, and rules for putting the proceeds into super.
Stepping back: three decisions with tax attached
Selling a business you have run for years
Why it happens
An owner who has built a cafe, an accommodation business or a professional practice decides to sell, or to pass it on.
Why it matters
The ATO's small business CGT concessions can reduce or remove the capital gain. The 15-year exemption lets you disregard the gain on an asset owned for 15 years if the conditions are met, including being 55 or older and retiring, or permanently incapacitated. The retirement exemption covers capital gains up to a lifetime limit of $500,000 per person; if you are under 55 when you choose it, the exempt amount must be paid into a complying super fund or RSA.
How we help
Lomandra Accounting supports Sunshine Coast businesses from setup to succession. Complex topics such as capital gains tax, trust distributions, company tax and superannuation are explained in plain English, with written advice where it matters most.
Selling the family home
Why it happens
The next decision may be the house: selling it and moving somewhere smaller.
Why it matters
A downsizer contribution lets each eligible person put up to $300,000 from the sale into super, without it counting towards the concessional or non-concessional caps. You must be 55 or older, have owned the home for 10 years or more, and the sale must qualify at least partly for the main residence exemption. The contribution must generally be made within 90 days of receiving the proceeds, and it can only be made from the sale of one home.
How we help
Lomandra Accounting offers contribution strategies, pension commencement and complete documentation. Keep the settlement statement and the date the proceeds arrived.
Bringing super under one roof
Why it happens
Super built up over a working life can sit in several funds, and some owners want to run it themselves.
Why it matters
A self-managed fund needs a trust deed, an annual audit and a separate tax return, and money moved between funds needs to be rolled over and documented.
How we help
We offer SMSF establishment support, deed reviews and rollovers, and annual financials and SMSF tax returns with independent audit coordination.
Frequently asked questions
Do I pay capital gains tax when I sell my Caloundra business?
Possibly not all of it. If you are a small business and meet the conditions, the 15-year exemption can disregard the whole gain on an asset owned for 15 years where you are 55 or older and retiring. The retirement exemption covers gains up to a $500,000 lifetime limit per person.
What is a downsizer contribution?
A contribution of up to $300,000 per person into super from the sale of a home you have owned for 10 years or more, made when you are 55 or older, generally within 90 days of receiving the proceeds. It does not count towards the contribution caps.
Can Lomandra Accounting help set up an SMSF?
Yes. Lomandra Accounting offers SMSF establishment support, deed reviews and rollovers. For SMSFs, include the trust deed, prior financials, investment statements and audit reports.
Is Caloundra a suburb or a town?
Both. The ABS suburb of Caloundra had 3,932 residents in 2021, while the wider town had 96,305.
Where to next
Have a question?
Plan the exit
With Lomandra Accounting you receive a defined scope, transparent pricing and a delivery timetable before work begins.
Lomandra Accounting is a CPA Practice, registered with the Tax Practitioners Board and an SMSF Specialist. Emma, the Director, is a Certified Practicing Accountant (CPA) with extensive experience in commercial business management, and specialises in Self-Managed Super Funds (SMSFs).
- 07 5234 9201
- admin@lomandraa.com.au
- Sunshine Coast, QLD
- Monday to Friday, 9am to 4:30pm