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CFL Financial location Level 9, 360 Queen Street Brisbane, QLD 4000
fax CFL Financial 07 3328 8999
phone CFL Financial 07 3328 8988
Email CFL Financial mail@cflfinancial.com.au

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Retire in style checklist™

There are a few reasons why Business Owners need a Retire In Style Checklist

If you’re a successful and Motivated business owner, and want to set yourself up for retirement, this guide would be perfect for you. My clients who follow these 3 simple steps live with comfort, security and the peace of mind that financial success brings.

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The Retirement Prosperity Guide™

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If you’re a busy Professional and you feel like you’re not building your wealth fast enough and you want smarter ways to utilise your cash flow, this guide is perfect for you. Clients who have used our strategies have the peace-of-mind knowing they have a ‘game plan’ for financial abundance.

Small business CGT concession common errors

Posted on Jul 7, 2015 by CFL Financial

The ATO recently reported that small business owners were repeatedly making common mistakes when applying for capital gains tax (CGT) concessions eligibility tests.

A taxpayer may qualify for the CGT concessions if they:

– own a business with an annual aggregated turnover of less than $2 million;

– are involved in a partnership that owns a CGT asset;

– own active business assets that are used by an associated small business;

– satisfy the maximum $6 million net asset value test;

– satisfy the active asset test. This test requires the asset to be active for seven and a half years if owned for more than 15 years, or half the period of the ownership if owned for 15 years or less.

Business owners were recording the settlement date of the CGT event, instead of the contract date. As a result of this error, the asset may not be active for the required period or the 15-year exemption concession may not be applied correctly.

Many businesses struggled with the maximum net asset value test, where a business cannot own more than $6 million at the time the CGT event occurs. The net value is the total market value of a business’s assets and any entities and affiliates connected to those assets. The ATO revealed a prevailing error was the failure to identify liabilities related to the asset. In addition, business owners were also:

– not including the calculation of the CGT asset sold

– valuing assets at historical cost instead of market value, and

– not including calculations for goodwill assets.

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Retirement-in style

Retire in style checklist™

There are a few reasons why Business Owners need a Retire In Style Checklist

If you’re a successful and Motivated business owner, and want to set yourself up for retirement, this guide would be perfect for you. My clients who follow these 3 simple steps live with comfort, security and the peace of mind that financial success brings.

Retirement-prosperity-thumbnail

The Retirement Prosperity Guide™

Make sure you don’t miss out on the Retirement Prosperity Guide

If you’re a busy Professional and you feel like you’re not building your wealth fast enough and you want smarter ways to utilise your cash flow, this guide is perfect for you. Clients who have used our strategies have the peace-of-mind knowing they have a ‘game plan’ for financial abundance.

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Email:
Phone: 07 3328 8988
Fax: 07 3328 8999

Office Location:
Level 9, 360 Queen Street
Brisbane
QLD 4000

Postal Address:
GPO Box 2468,
Brisbane,
QLD, 4001

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