How do I optimise my income and minimise taxes after sale, given that I am the 100% share owner?
Australian capital gains tax after selling my business - I have sold my business for $50,000, with terms $5,000 upfront and $250 a week over.
What is the best way to comply to capital gains regulations and taxation, and maximise my income from it?
I sold the goodwill as an ongoing concern.
There is only $4,500 left in the business account.
Shall I pay the CGT from this, can I do this prior to the EOFY?
With the rest of the payments, how do I take it out of the company? Is dividends the best way to take it out and take advantage of franking credits?
Is there a better way?