My partner an I have a company which we are both 50% shareholders in. We did not set it up correctly as an LTC to begin with as we had advice from a family book keeper who in hindsight wasn't the right option for us. We have now sold the property to our own names on the advice of our new and improved accountant so we can get a tax refund for this year and future years that our property makes a net cash loss.
The company has tax losses of $12,000 built up over a two year period.
Our new accountant has recommended keeping the business open for $30 renewal each year and to offset future income against the company. He suggested when we get contract work, money from investments, dividends, etc.
However, we have none of these modes of income and won't do for the foreseeable future.
Is there any other way we can utilise these losses tied up in the company? Can we sell the company off to someone who has income to offset the $12,000 against?
Options here?
The company has tax losses of $12,000 built up over a two year period.
Our new accountant has recommended keeping the business open for $30 renewal each year and to offset future income against the company. He suggested when we get contract work, money from investments, dividends, etc.
However, we have none of these modes of income and won't do for the foreseeable future.
Is there any other way we can utilise these losses tied up in the company? Can we sell the company off to someone who has income to offset the $12,000 against?
Options here?
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