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Tax implications of a sale of business paper


This paper explores the taxation issues arising from the sale of a business and considers a number of practical issues including the following:

  • a comparison between the sale of business assets vs. sale of business entity
  • allocation of purchase price between assets sold
  • taxation rollovers
  • goodwill and restrictive covenants
  • prepayments
  • post-sale earnout and claw back clauses
  • termination payments
  • accessing proceeds of sale through a company
  • tax losses.

Author profiles

Adam Levin CTA
Adam is a Partner in the Corporate and Commercial team at Jackson McDonald. Adam has over 20 years experience in commercial and taxation law, including state and federal taxation, commercial transactions, trusts, charities and not-for-profits. Jackson McDonald, led by Adam, has been a leader in the WA market for many years in the native title space. The firm has been invited to work closely on the majority of the state’s major native title settlement packages. Adam is well regarded nationally for his expertise and forward-thinking on tax-effective trust structures for managing native title benefits. He has remained a key participant in the national “debate” on the appropriate tax framework for native title benefits. His contributions are noted in the Mineral Council of Australia’s submission to the Federal Government Working Group on Taxation of Native Title which is based on his 2007 publication entitled “Improvements to the Tax and Legal Environment for Aboriginal Community Organisations and Trusts”. Adam has been at the forefront of this changing landscape for the past decade and is committed to the growth of the Indigenous sector. - Current at 07 October 2014
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Jamie O'Donnell CTA
Jim is a Special Counsel at Jackson McDonald and works as a lawyer in the areas of tax and succession within their corporate and commercial team. Jim has nearly 20 years professional experience. He advises and represents a wide range of clients including high net worth families and professionals, SME business structures and not for profit entities with respect to trusts, SMSFs, succession planning, deceased estates, property development, property transactions, legal structuring and asset protection, and all areas of Federal and State taxation. Jim holds various degrees and qualifications, including a Masters of Taxation. Jim is on the WA State Council of The Tax Institute and is also the Vice Chair of STEP WA. - Current at 20 September 2016
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