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Small Business Taxation can not be ignored. Company directors are now personally liable for company tax liabilities, including pay-as-you-go (PAYG) withheld amounts and superannuation guarantee charges (SGC).
The Statistic’s. In May last year Galaxy Research, on behalf of American Express, conducted a nationwide survey of more than 1,000 small business owners with alarming results. According to the survey, some common misunderstandings amongst owners surveyed included:
If you are operating a business in Australia, you are responsible for complying with various ATO requirements. To meet these requirements you will need to apply for certain registrations. You must report income and keep business records. It is also important that you understand which business expenses you can claim, and take advantage of all available tax concessions.
Having a good understanding of basic tax issues will allow you to legitimately minimise your tax bill and avoid penalties. ABA is a registered Tax Agent with a team of certified accountants who specialise in small business taxation. Our business tax services are not just about filling out forms. Our goal is to make sure that you are compliant with all relevant rules and regulations, and up to date with any changes. We ensure you take advantage of all available deductions and we help you plan ahead for the future.
Thinking about selling your business?
Running a small business is tough. You put your heart and soul (and many years of hard work) into it, so you deserve to get the best reward when you sell. Fortunately some significant Capital Gains Tax (CGT) concessions may be available to help you achieve the best after-tax sale result.
The value of these concessions can have a major impact on the after-tax sale value of your business so despite the complexity it is worthy of investigation. If you are not eligible, or choose not to take advantage of these concessions, you may still be eligible for the general CGT discount.
There are four small business CGT concessions available:
To be eligible for these concessions, the taxpayer must, along with related entities:
The asset must also pass the ‘active asset test’. This test requires the CGT asset to be an active asset for:
Importantly, it does not have to be used in the business at the time the asset is sold. There are also modified time periods for:
This outline is by no means exhaustive of the regime in every situation. There are a wide variety of circumstances and structures to be considered.
Strategic Exit Planning is vital to ensure your properly positioned to take advantage of the CGT Concessions available to your small business.