Capital gains tax when transferring a business to a family member

Posted by James Price | JPAbusiness on 18-Nov-2020 02:00:00

The key CGT issue when transferring assets in a non-arm’s length transaction (i.e. the sale price may not be at fair market value) is the market value substitution rules.

These rules basically mean when you’re selling assets and the transfer is deemed to involve parties not acting on an arm’s length basis, then the CGT rules impose what would be a fair market value on the transaction.

[This information comes from our eBook: Capital Gains Tax 2.0 – Issues to consider when selling your business.]

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Topics: Family business, Capital gains tax, Succession planning, eBook, tax minimisation, taxation, business succession

4 principles to help choose your business structure [cheat sheet]

Posted by James Price | JPAbusiness on 23-Oct-2019 02:00:00

Good business structures should be effective in:

  1. Protecting your assets
  2. Minimising your income tax and capital gains tax
  3. Simplifying your administration
  4. Achieving your retirement objectives
  5. Achieving your estate planning objectives.

The right business structure for your situation will depend on a number of considerations. The most important are usually:

  • asset protection, and
  • the ability to reduce the overall tax rate.
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Topics: Business Structures, cheat sheet, sole trader, tax minimisation, trust, asset protection

How to choose the right business structure [eBook update]

Posted by James Price | JPAbusiness on 14-Aug-2019 02:00:00

A few years ago we were fortunate to have business consultant and management accountant Richard Cummins share his expertise in our free eBook, How to choose the right structure for your business.

Richard has kindly updated the eBook to reflect changes in tax policy in recent years – simply follow the links to download the updated version.

The eBook examines five topics:

  1. How to determine if your current business structure is the right one
  2. Tax and asset protection implications of different business structures
  3. Compliance, risk and governance implications of different business structures
  4. Future diversification and wealth development
  5. Succession and retirement.
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Topics: Business Structures, eBook, sole trader, tax minimisation, company, trust, asset protection

How to choose the right business structure [cheat sheet]

Posted by James Price | JPAbusiness on 21-Nov-2018 02:00:00

Good business structures should be effective in:

  1. Protecting your assets
  2. Minimising your income tax and capital gains tax
  3. Simplifying your administration
  4. Achieving your retirement objectives
  5. Achieving your estate planning objectives.
Continue reading...

Topics: Business Structures, cheat sheet, sole trader, tax minimisation, company, trust, asset protection

4 guiding principles when choosing a business structure [cheat sheet]

Posted by James Price | JPAbusiness on 25-Oct-2017 05:32:00

Good business structures should be effective in:

  1. Protecting your assets
  2. Minimising your income tax and capital gains tax
  3. Simplifying your administration
  4. Achieving your retirement objectives
  5. Achieving your estate planning objectives.
Continue reading...

Topics: Business Structures, cheat sheet, tax minimisation, asset protection

 
Disclaimer: The information contained in this blog is general in nature and should not be taken as personal, professional advice. Readers should make their own inquiries and obtain independent, professional advice before making any decisions, taking any action or relying on any information in this blog. 
 
 

 

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