The Tax Workshop is perfect for sole practitioners and small practices, offering practical, expert-led sessions designed to refresh your knowledge and keep you ahead in the ever-changing tax landscape.

The following topics will be covered in the December session:

Tax Brief

What we cover: Our Tax Brief is a review of the current tax landscape to keep you up-to-date with any changes and current news.

Selling a Business

When the owner-operators of a privately owned business decide to sell up and crystallise the gains from what could be a life-time’s work, they will have to decide how best to do this – i.e. sell the shares or units in the business entity or sell the business out of the entity. Whichever path is chosen will attract a wide range of tax consequences. 

Even in a sale of the ownership interests in the entity carrying on the business, the vendor will have to ‘clean-up’ the balance sheet of assets and liabilities which the purchaser is not acquiring. The sale may even involve transferring the business to a cleanskin company. An adviser’s input into structuring the transaction and identifying the likely tax consequences will be critical.

A vendor will seek advice from their adviser (before the transaction) in respect of tax issues such as:

• The key income tax consequences of disposing of business assets from a business entity compared to selling the entity
• When the small business CGT concessions might be available to shareholders who sell the shares to a company
• What to do to ensure that the GST going concern exemption applies to a sale of business
• How GST applies to the sale of a business compared to a sale of ownership interests in the entity that owns the business
• The tax consequences for a vendor who receives a payment under an earnout arrangement. 

In this session, case studies bring together many of the tax and other factors that a vendor of a business needs to consider when selling a business.

All TaxBanter tax training qualifies as eligible CPE/CPD hours.