The road negotiated by small to medium sized business owners can be complex, with obligations to customers, suppliers, employees, the tax office…sometimes you wonder for who you are in business!
The complexity of business doesn’t end with the decision to sell up and/or retire. If you qualify, there are a myriad of taxation concessions that can make a real difference to the end amount received for the sale of your business.
The following graphic sets out some of the basic conditions and exemptions available to small business owners upon the sale of their business or an asset of their business. It is a complex tax area and you should always seek specific taxation advice from an experienced professional prior to implementing any strategies in this area.
Hewison Private Wealth is a Melbourne based independent financial planning firm. Our financial advisers are highly qualified wealth managers and specialise in self managed super funds (SMSF), financial planning, retirement planning advice and investment portfolio management. If you would like to speak to a financial adviser on how you can secure your financial future please contact us 03 8548 4800, email info@hewison.com.au or visit www.hewison.com.auPlease note: The advice provided above is general information only and individuals should seek specialised advice from a qualified financial advisor. The views in this blog are those of the individual and may not represent the general opinion of the firm. Please contact Hewison Private Wealth for more information.
Want to know more?
Subscribe to receive complimentary expert advice, industry insight and more.