WA Ato capital gain tax for company

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Waalex

Active Member
28 July 2018
7
0
31
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?
 

Tim W

Lawyer
LawTap Verified
28 April 2014
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673
2,894
Sydney
Hard to say without knowing all the back story,
but I'm inclined to think... "yes".
 

Waalex

Active Member
28 July 2018
7
0
31
So u sold the business under a contract of sale and the new purchaser bought it under their company name right?
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