Are you about to sell your business? Let us help you sort out the tax consequences of the sale?
Selling your business can result in a capital gains tax event occurring for you as the small business owner.
The good news is that there are several small business tax concessions available to you to access. We have assisted our clients to utilise these concessions with great success. We take the time to understand the tax implications of your business sale. Theses small business tax concessions can help you to reduce or eliminate any capital tax gain.
Often, we find that by using a combination of tax planning strategies gets a great result. There are a number of concessions and strategies that can be used. Such as the use of self-managed superannuation and other tax concessions. We recommend reviewing the available for superannuation contributions concessions that can help reduce the tax pain.
A strategy results in a better tax outcome for your business sale!
A tax strategy is part of business exit planning when selling your business. By using a strategy will reduce tax surprises!
The small business tax concessions for Capital gains from the sale of active assets are exempt up to a lifetime limit of $500,000. This means you can roll $500,000 into superannuation as an example.
If you’re under 55, the exempt amount must be paid into a complying super fund or a retirement savings account. If you are over 55 you may be able to take the money, but check first
Planning on selling your business requires a plan. A well thought through the plan will help you maximise the value and the proceeds. Start your planning process early.
The end result is to sell the business, reduce tax and go off and enjoy retirement. Start planning as early as practical and you too can then enjoy a smooth and financially rewarding outcome.
You may like to refer to our other article about exit planning for your business at . https://www.gartlyadvisory.com.au/uncategorized/business-exit-planning/retirement-day-should-be-a-celebration/
Make an appointment to see Geoff and explore your options!