Video Length 00:30:02
Questions & Timestamps
00:00:33 – What if you make a capital loss?
00:02:12: – When calculating the small business turnover are there any different methods of calculating turnover for certain business types that have high levels of turnover with a very low margins such as retail fuel operations.
00:04:52 – Small business rollover. If you purchase new assets for business can they still be written down in the next business or must they be capitalised/expensed or is that a double dip.
00:07:49 – Is cash in your personal name IN or OUT?
00:10:19 – If you own a rental property in a trust and it had been used in your business for 15 years and you sell the property a number of years after your business is sold and you have reduced your working hours since then. When you sell this asset would we look at the turnover of the trust (which only has rental properties) or are we looking at the 6 mil test?
00:13:10 – Peter, we are looking at planning for the sale of this property. It is held in the Family Trust along with another commercial property. All the trust does is collect rent and pay expenses on these properties. They are both commercial properties. The client sold their business last year which was in a company and operated out of these premises for the last 15 years. The trust owned the property for the whole of this time. Now the client and his spouse both receive wages out of the trust and then both get distributions as such out of it. We are trying to work out when is the best time to sell and make sure they get the business concessions. Both commercial properties may take them over the 6 million. They do have loans against them. That is why I am concerned about whether we need to use the turnover test or the 6 million.
00:18:39 – If we sell the business from a company are the liabilities associated with running the business such bank loan used to offset the business contract sales figure for the asset test?
00:20:57 – Company H sells shares in Company V. There is a loan between the two companies in company V. Does that mean this will be classed as a non-active asset and therefore more than likely fail the 80% rule?
00:23:00 – We would only have Franking for $200k and need to pay out $400k dividend – half would be unfranked?
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