The small business owners who haven’t paid their employees super, have finally been caught out.
My message to business owners is take a chill pill. All will be sorted.
Grab yourself a cup of tea or a coffee, folks. The history of accounting software is below, including MYOB’s move to Australia and the introduction of cloud-based software.
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.
It can often be difficult to know where exactly the tax office are going to be focusing their audits. As it is the start of a new financial year, I thought I would provide some insight into where the ATO will be pointing their guns in 2018/19.
Companies are a disaster if you own a growing small business. They don’t get a 2nd Capital Gains Tax discount if they sell a business and they have the inflexibility of an old man in his first yoga class. You need your head read if you are stuck in one, but there is a way out of a company and into all the business and tax flexibility of a trust.