A sole trader has a small business pool. He has sold all the assets in the pool but there is a balance remaining in the pool due to pool balance exceeding the consideration received for pooled assets. What should be the tax treatment for the pool balance in the year sole trader stops carrying on business? Appreciate if any reference from ATO can be provided.
He has sold all the assets in the pool but there is a balance remaining in the pool due to pool balance exceeding the consideration received for pooled assets.
Side Note, if they're registered for GST, double check if GST payable on the sale of depreciating assets. I think it would be but check with a tax agent or ATO's technical assistance
Thank you. I'll refer to the link. @YellowPotato
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