Capital gains tax on sale of your veterinary business – web masterclass
The tax business owners pay on sale of their business when they exit continues to be a problem that confuses a lot of people. In the last few months we have heard the surprised expression: “I’ve got to pay HOW MUCH tax on the sale of my business?!”
You really should not find yourself asking this question in the late stages of a business sale. You need to be aware of the tax implications before you even consider selling so that you can figure out if you will have enough cash after tax to allow you to retire or maintain your lifestyle as a non-business owner. It’s too late once you’ve sold to realise that you sold two years before you should have as ‘after tax’ there is less money to invest than you expected.
To help you understand the significance of tax on sale of a business we are holding a web masterclass – capital gains implications of selling your veterinary business.
Our speaker will be Kezah Alincastre who is a specialist veterinary industry accountant and deals with this scenario frequently.
Have you booked in for our annual workshop?
If you are currently a client then don’t forget to book into one of our annual workshops! If you haven’t received all the information then please let us know ASAP as we have limited numbers on each date. We will be holding face to face workshops in Brisbane and Sydney this year.
If you are currently not a client but would like to know how your business is doing, the areas you should be focusing on and get ideas from other veterinary business owners then please contact us for information on our annual strategic reporting and workshop by sending an email to [email protected] .
Its been a very volatile and tricky few years, and more than ever before, planning ahead and identifying trends in your business and the industry is really important. So don’t miss this opportunity to keep your business relevant for the future.
End of financial year tips
We are nearly at the end of the year! Yes it has flown and you’re all really busy, but there are a few things that can’t be done after 30 June. Timing is everything and some things have to be done by 30 June or you miss out. A few things you may need to remember to do: – Top up your personal super – Pay all your staff super – Pay back any money you have drawn out of the business bank account and planned to return – Top up your wage or pay a family member
Dog Tales – Is the COVID veterinary boom finally taking a bow?
Its been a very busy 2 years in the veterinary industry, maybe too busy. We do know however that nothing lasts forever. The COVID boom in the veterinary industry has brought with it increased profitability, but it has also brought increased stress levels and staff shortages. It certainly has not been ‘good times’ all around.
Being a Dachshund, I am a breed that likes to dig and burrow with dogged determination. So I have been using these skills to dig and burrow deeply in the vast amounts of data we collect from veterinary practices. What has my digging discovered?
We may have given you a heads up about this last month where we said growth in the industry had now levelled off for the last few months. However subsequent to the last newsletter we have a further month of data for April 2022.
April has shown a marked negative in patient number and invoice number. This is of course brand new information and one month does not tell us a lot considering that there was a number of public holidays and a looming election. Elections bizarrely enough seem to always put the brakes on even veterinary spending which makes no sense because Dachshunds and the rest of our genus don’t have the right to vote.
However, I have this feeling in my canine gut that tells me this trend may persist to subsequent months.
Here are the April 2022 figures compared to April 2021:
For those of you who are interested in keeping track of the industry trends, we are now publishing these in a private area.
