WA Ato capital gain tax for company

Discussion in 'Debt and Bankruptcy Law Forum' started by Waalex, 29 July 2018.

Tags:
  1. Waalex

    Waalex Active Member

    Joined:
    28 July 2018
    Messages:
    7
    Likes Received:
    0
    Hi, about 6 years ago i sold my business on going on concern and made profit but never lodged income tax for the company.
    My abn is cancelled and my company is deregistered.
    I am too scared to call ato and ask them if i own any money.

    Will i be personally liable for CGT for a company?
     
  2. Tim W

    Tim W Lawyer
    LawTap Verified

    Joined:
    28 April 2014
    Messages:
    2,758
    Likes Received:
    596
    Hard to say without knowing all the back story,
    but I'm inclined to think... "yes".
     
    Stop hovering to collapse... Click to collapse... Hover to expand... Click to expand...
  3. Waalex

    Waalex Active Member

    Joined:
    28 July 2018
    Messages:
    7
    Likes Received:
    0
    I jusy sold the business
    Thanks
     
  4. Waalex

    Waalex Active Member

    Joined:
    28 July 2018
    Messages:
    7
    Likes Received:
    0
    I really sorry for confusing.
    Yes
    I sold the business with contract of sale.
    The buyer bought it with their own company name.
    My company name has been deregistered and my abn has been canceled.
    I set up my business from scratch and cost me around $200 k to set up and i sold it for $500 after 2 years.
    So i dont really know what tax obligations i have and if i do have i am about to be bankrupt personally because of my personal loans .
    If i have any company debt with ato( i dont know if i have or not because it has been 6 years ago i sold the business)
    Should i also liquidiate my company and add my potential tax debt to my bankruptcy OR because i will declare bankruptcy, it will clear whatever company debt could be issued in the future..
    i also heard directors are not liable for company tax except superannuation debts
     
Loading...

Share This Page

Loading...
gt;