Day: August 8, 2018

Living Estate Planning

Death and Small Business CGT Concessions

They say that two things in life are inevitable – death and taxes. This doesn’t mean that the two have to happen at the same time. Generally where there is a change of ownership in small business, a CGT event is deemed to have occurred which may result in a capital loss or taxable gain. When a person dies, their assets are transferred to their legal personal representative (LPR) or are acquired by a surviving joint tenant, if one exists, and as such the Capital Gains Tax rules apply.

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Small Business Tax, Tax

The Small Business CGT Exemption After Death

Under capital gains tax laws, if your business has continuously owned an active asset (i.e. business asset) for 15 years, you’re aged 55 or over and are retiring or permanently incapacitated, you may be able to sell the asset including the goodwill and not pay Capital Gains Tax. There are a number of tests to satisfy, but if satisfied then it is quite possible that any capital gain would be tax free.

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Strategic Financial Advice, Tax

Clothing Deductions Hung Out To Dry

The ATO says that clothing claims are up nearly 20 per cent over the last five years with people either making mistakes or deliberately over-claiming. Common mistakes include people claiming ineligible clothing, claiming for something without having spent the money, and not being able to explain the basis for how the claim was calculated.

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Lending & Finance, Property

Interest Rates Remain At Record Lows

NOW is the time to take advantage of these market conditions and negotiate your next property purchase.

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