Selling my business, CGT question

[jguva]

I'm in the process of selling my business to a competitor through a business broker.

Can someone in layman terms explain what tax implications there are when selling a business? I am a 60% shareholder and have been active in it full time for the past 13 years.

Our accounting has been outsourced for almost a decade now, and myself and the other 2 members aren't bean counters.

Thanks
M

 

[TheMightyQuinn]

I'm in the process of selling my business to a competitor through a business broker.

Can someone in layman terms explain what tax implications there are when selling a business? I am a 60% shareholder and have been active in it full time for the past 13 years.

Our accounting has been outsourced for almost a decade now, and myself and the other 2 members aren't bean counters.

Thanks
M

So, what did they say when you asked them?