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Answered in 24 minutes by:
10/3/2014
James D. Ford, Solicitor
Category: Australia Law
Satisfied Customers: 1,601
Experience: Lawyer | Founder & CEO at Blue Ocean Law Group
VerifiedUnless you can find a way to obtain CGT Rollover relief - (it is worth consulting your accountant)... you will have to pay tax on your capital gain on the sale of shares.
https://www.ato.gov.au/General/Capital-gains-tax/CGT-exemptions,-rollovers-and-concessions/Small-business-CGT-concessions/
You may also want to investigate with your accountant (if you hold the shares in your own personal name) whether if you delay the sale of the shares by 6 months, whether you are eligible for a 50% discount on the CGT payable!!
Do you have a shareholders agreement in place, so that any disputes amongst the shareholders of the business are minimised, when it comes to the management of the business into the future? Please advise if you want us to send you a quote to set this up for you.
Kind regards, James.
https://www.ato.gov.au/General/Capital-gains-tax/CGT-exemptions,-rollovers-and-concessions/Small-business-CGT-concessions/
You may also want to investigate with your accountant (if you hold the shares in your own personal name) whether if you delay the sale of the shares by 6 months, whether you are eligible for a 50% discount on the CGT payable!!
Do you have a shareholders agreement in place, so that any disputes amongst the shareholders of the business are minimised, when it comes to the management of the business into the future? Please advise if you want us to send you a quote to set this up for you.
Kind regards, James.
James D. Ford, Solicitor
Category: Australia Law
Satisfied Customers: 1,601
Experience: Lawyer | Founder & CEO at Blue Ocean Law Group
VerifiedJames D. Ford and 87 other Australia Law Specialists are ready to help you
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