Tax Concession

Death and Small Business CGT Concessions

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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( Posted in: Tax )

Death and Small Business CGT Concessions

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.

... read more

( Posted in: Tax )

Small business restructure roll-over concessions

Small business restructure roll-over concessions

What happens if you are in the wrong structure? Have you ever had a chat with a colleague or mate and thought “why aren’t I doing that” or “I wish I could change the way my business works”.

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( Posted in: Tax )

Great news for everyone running a small business!

Great news for everyone running a small business!

The Small Business Entity threshold has increased to $10 million from 1 July 2016 onwards (became law on 19th May 2017). Previously the Small Business Entity threshold was $2 million. Basically, you are a Small Business Entity if you carry on a business and have an aggregated turnover of less than $10 million.

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( Posted in: Tax )

New Incentives for research & development innovators

New Incentives for research & development innovators

Many years ago we had a young client that bought into a physio practice and he has developed an amazing career! His career has taken him off the tools (people), saved his hands and allowed him to follow his dream of creating a life changing product in the medical space.

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( Posted in: Allied Health )