Move company money to Super
- Thread starter bradje
- Start date
At 59yo he's not locking for long. It is a strategy my accountant has suggested in the past as a good way to save on tax.
However if the company is being wound up, CoastyMike has previously suggested retiring the profit as a way of saving even more tax. Run it past your accountant in case it is applicable.
However if the company is being wound up, CoastyMike has previously suggested retiring the profit as a way of saving even more tax. Run it past your accountant in case it is applicable.
Sorry, I was hoping a real accountant might jump in.
It applies to CGT on the sale of a business so may not apply if you're only winding down.
http://www.ato.gov.au/businesses/content.aspx?doc=/content/00129446.htm
It applies to CGT on the sale of a business so may not apply if you're only winding down.
http://www.ato.gov.au/businesses/content.aspx?doc=/content/00129446.htm
Winding up the company with funds could have tax implications.
Is it a distribution of profits or capital ?
Has tax been paid on the profits before or if CGT and small business concessions have been applied taking out funds will be less tax effective than liquidating the company. must be done properly however.
will require careful analysis of the accounts. is there a capital profits reserve account ? to determine the most take effective way of taking out these funds.
Is it a distribution of profits or capital ?
Has tax been paid on the profits before or if CGT and small business concessions have been applied taking out funds will be less tax effective than liquidating the company. must be done properly however.
will require careful analysis of the accounts. is there a capital profits reserve account ? to determine the most take effective way of taking out these funds.
You really better speak to a professional accountant about these things.
