The small business capital gains tax concessions are extremely valuable. For small business owners who need to dispose of assets that have risen in value during the time they have owned them, accessing these concessions can mean greatly reducing any consequent tax liability, even to zero.
After a person dies, and the usual arrangements are completed, there will come a time when other matters, such as tax and superannuation issues, must be looked after. The person who takes on the responsibility for administering a deceased estate is commonly referred to as the executor, but could also be known as an administrator or a legal personal representative.
From 1 July 2017 the ATO will be allowed to disclose information about any business with an ABN to credit reporting agencies if the business has tax debt over $10,000 and is at least 90 days overdue.
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