Beenleigh Reviews

Nerang Reviews

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Our accountants, book keepers and tax agents use the blog to educate and inform the public on everything accounting. Take a look at our blogs and if you have any questions call the friendly team at Plant & Associates for more information or to book an appointment.

What are your terms of sale – shares or business? A critical negotiation point is what you are selling – whether you are selling the business and its assets, or whether you are selling the entity which holds the business. This consideration is dependent upon many things, not the least of which is the access to the general Capital Gains

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Sole Trader No asset protection – potentially liable to the full extent of the business and private assets owned by the individual Partnership No asset protection – each partner is jointly and severally liable even if the partner had no knowledge or and was not responsible for the debt Company High level of asset protection where the objective of the

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Individuals/Partnership of Individuals Subject to the non-commercial losses provisions with respect to business losses, individuals can apply the tax losses against their other income. Excess losses can be carried forward for use in future years. Can access CGT 50% discount if the asset was held for more than 12 months, as well as potential application of other CGT exemptions. The

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Business Structures Major Drivers when choosing a structure Legal minimisation of tax, including reduced exposure to tax on any future capital gains. Loss utilisation Asset protection Other commercial considerations (financing, industry or professional association requirements) Family Considerations Flexibility to allow for changes (to allow for parties to enter or exit the business) Stamp duty considerations Ease of understanding and administration

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Claiming work related deductions Car expenses When claiming work related motor vehicle deductions remember that you still need to be able to substantiate how you worked out the number of business kilometres you travelled using the cents per kilometre method. In order to claim under the log book method – you must have a complete and valid log book. Under

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Plant & Associates Pty Ltd

PO Box 3284 Nerang QLD 4211

Accountant - Gold Coast - Map Icon
Suite 12A, 1 Station St,
Nerang, Gold Coast, QLD 4211
Accountant - Gold Coast - Map Icon
Unit 4, 13 Cameron St,
Beenleigh, Gold Coast, QLD 4207