So we are suggesting you review your business with regards to Capital Gains Tax. Talk to your accountant and check if you will be affected.
ATO - Guide to Capital Gains Tax (NAT 4151)
Your business itself is not an asset for capital gains purposes.Rather, each of your business' assets (eg. land, buildings, goodwill) is a separate capital gains tax asset and you must keep records for each asset. Because there may be a big gap between the time when you acquire and dispose of an asset, it is essential to keep good records from day one. You need to keep records of everything that may be relevant to working out whether you have made a capital gain or capital loss from an assets. Keep any records relevent to calculating your capital gain or capital loss. You must keep these records for five years after you sell or dispose of the asset, unless you keep an Asset Register.
Your accountant can create an Asset Register
You can choose to enter information from your Capital Gains Tax record into an asset register. Once details have been entered into the register and the register has been certified by an approved person (such as a registered tax agent), you must keep the documents for only five years from the date the register is certified.
Get ahead of CAPITAL GAINS TAX issues by discussing your concerns with your accountant.
ATO KEY LODGEMENT DATES:
- BAS December 2011 quarterly
28 February 2012
- BAS December 2011 monthly
21 January 2012
- BAS January 2012 monthly
21 February 2012
- Superannuation December 2011
28 January 2012