Help can any one tell me what this means and how to do it…
I read an artical on the subject of selling the company business as a going concern , thus the buyer gets the investment house , and avoids the payments involved in buying the house..
can any one set me straight on this
regards Maurn.Originally posted by ezy.home.loans23320:Help can any one tell me what this means and how to do it…
I read an artical on the subject of selling the company business as a going concern , thus the buyer gets the investment house , and avoids the payments involved in buying the house..
can any one set me straight on this
regards Maurn.I can’t understanding what ur saying, could you make it more detail?
Julian
THERE IS ALWAYS A BETTER WAY!
Thank you for answering…. I am not realy sure
, some how people buy the Business [which is the company you bought the property in]
So I guess they buy the company and as the property is owned by the company the buyer then aquires the property and no CGT is paid.and the government charges are then differant, I am sorry I dont know any thing else and I can not find the artical. I have been searching for it , if I find it I will let you know . I realize this is strange, but It was along shot that some one might know what I was talking about, thanks for trying to under stand my garble.[buz2]I know its not always EZY.Unless you want to spend $$$$$ on accountants and solicitors don’t go there.
If it is a going concern then the company can sell a business with no GST.
Regarding CGT exempt be very careful. I doubt a company owning 1 property especially residential would be a going concern. If the ATO don;t agree you could be in big trouble.
Companys don’t get the CGT discount and when they pass those profits on they are fully taxable to the shareholders. If the profit comes from CG no discount is available.
But the best advice is, if you want to check that out get out your intended plan and a bundle of $$$$$ and go talk to someone who has PI insurance so if he is wrong you have some recourse.
ok , Thank you for coming to my assistance,
I thought it would be toooo good to be true,
I will find that[agro3]artical and read it.
I was in a hurry the day I saw it and thought I will get back to this, but of course I cannot find it. thats why I asked here on the forum. I new some one would be able to help me
again Thanks
EZY[buz2]I think that ‘used’ to be a good way to sell your property without stamp duty etc. etc.
You basically set up a company to buy each property, and then simply sold the shares in the company to the buyer. I believe the tax office has now ‘wised up’ to this strategy, and makes you pay CGT and stamp duty on transfer of shares.
wonder if you could bypass Mr Carr/Mr Egan’s VTT this way?[hmmm]
Cheers
Mel
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