08Nov
What Does an ATO Garnishee Notice Mean for Your Business?
An ATO garnishee notice directs a third party that holds money for your business, or owes money to it, to pay that money to the…
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26Oct
How Do You Request Remission of ATO General Interest Charge?
A GIC remission request asks the Commissioner to cancel some or all of the interest on a tax debt. Section 8AAG of the Taxation Administration…
Read more19Oct
What Are the Division 7A Complying Loan Rules After Bendel?
A section 109N complying loan agreement keeps a private company loan outside the deemed dividend rules. Three conditions apply: a written agreement, the benchmark interest…
Read more12Oct
How Do You Make the Small Business Restructure Rollover Election?
The small business restructure rollover election is made in the tax returns of the transferor and the transferee, because no ATO election form exists. Subdivision…
Read more05Oct
What Are the Tax Consequences of Selling a Business to a Family Member?
The ATO taxes a sale of a business to a family member at market value, regardless of the price the family agrees. The market value…
Read more28Sep
15-Year CGT Exemption for Small Business: Conditions and Where It Fails
The 15-year exemption disregards a capital gain outright rather than reducing it, and it is tested before the general discount or any other small business…
Read more21Sep
Tax After Selling a Business: What Falls Due and When
The CGT event on a business sale happens on the date the contract is signed, and that date decides which income year the gain belongs…
Read more14Sep
Goodwill on a Business Sale: How the ATO Taxes It
Goodwill is a capital gains tax asset, and selling a business disposes of it. The amount the contract allocates to goodwill sets the size of…
Read more07Sep
Earnout Tax Treatment in Australia: What Sellers Owe and When
An earnout arrangement ties part of your sale price to how the business performs after you sell it. Look-through treatment applies to qualifying earnout rights…
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