Income tax Dates
FEB 7End-of-year income tax and Working for Families bills are due, unless you have an extension of time to file your income tax return.
FEB 28Provisional tax payments are due if you have a March balance date and use the ratio option.
MAR 31Income tax returns are due if you have an extension of time
Buying or selling a business is significant for both the buyer and seller. Tax is treated differently depending on whether the sale involves assets or shares. Both asset and share sales can be a mix of taxable and non-taxable parts.
It’s important to set up your business sale or purchase the right way so that you:
- get the right entitlements
- pay the right amount of tax
- get the right after-sale profits and allowable deductions.
The information here is a general overview of different tax obligations for common situations you should be aware of.
Getting these wrong can lead to an unexpected tax bill, so it’s best to talk early with a tax professional to make sure you get the details of your sale right from the start.