Continuing a business may not be worth increased administration costs and complexity associated with the reforms, and accountants should prepare accordingly, one expert has said.
The anticipated passing of CGT taxation law amendments has spiked enquiry rates relating to members’ voluntary liquidation (MVL), according to Jirsch Sutherland partner, Peter Moore.
Recognising that the companies considering this option are typically financially healthy, Moore said many are considering an MVL “release capital, simplify legacy entities and reduce ongoing compliance obligations”.
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“Many of these structures haven’t been reviewed for years. The…