Time to review your business structure

  For small businesses, there’s never been a better time to review the effectiveness of your business structure. In the last Federal Budget, the government announced new measures to allow small businesses to change their legal structure without incurring a capital gains tax liability. Draft legislation was released in November, and the new measures are proposed to commence from 1 … Read More

What to consider when buying a car for business use?

We get asked this question a lot, and depending on your situation the tax savings or benefits will differ between businesses. Here are a number of important issues you need to consider before buying a car (comparison between a sole trader individual and a company): 1. In what name should I buy the car in? My personal name or my … Read More

What Capital Gains Tax will my family have to pay once I’m gone?

  Capital Gains Tax (CGT) is not payable as a result of your death, but your beneficiaries pay CGT if it is applicable, when they sell the assets they have inherited. They inherit your cost base if you acquired the asset on or after 20 September 1985. If you acquired it before that date, your cost base is the value … Read More

NEW EMPLOYEE SHARE SCHEME RULES

  Our business clients are often interested in rewarding their staff with equity in the business. They see it as an opportunity for employees to have skin in the game, with the obvious motivational and staff retention benefits. Unfortunately, the issue of shares or options to employees means the employee often pays tax on the value of the shares at … Read More

CGT concessions available to small businesses

On 21 September 1999 the tax office brought in measures to assist the small business community and effectively provide concessions on the amount of Capital Gains Tax (CGT) payable on the sale of a business. There are four main concessions available which we will discuss below. To access any of these concessions there are basic conditions which must be satisfied. … Read More