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The CGT of the asset that gift to the company

Q:Two directors/shareholders provide plant and equipment to their company via loan accounts (i.e. $100,000). Are they able to gift these to the company thus not creating loans to themselves? If so, how should this be reflected in the accounts and are there any tax implications as a result?

Conditions for the GST-free supply of a going concern

Q: A client operates a bed-and-breakfast (B&B) business. The most significant asset is four adjacent properties that are used to provide the accommodation to guests. Stays are less than 28 days and the business has an annual turnover of $200,000. The client is looking to sell the business and the four properties. Will the sale of the properties ($1.5 million) and business ($100,000) together as $1.6 million be a taxable supply and subject to GST? Can the going concern exemption apply given that the properties are paramount to running the business? In an accountant Cici ’s view, B&B are relatable to hotels and motels, which are deemed by the ATO to be commercial premises. Therefore, the business premises will be commercial residential premises. Because the property is a necessary requirement to run the business and the other criteria of this exemption are met, the sale of the business will be the sale of a going concern and exempt from GST. Does she correct?

CGT Consequences

Q: Australian residents Brenda and Derek on April 1997 sold their real estate investment, which they had bought in 1965 for $2m. The couple split the proceeds 50-50 and on 11 November 1997 they both invested in shares:

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