I was going through a divorce settlement for past couple of years which I finally settled in August 2023 through court orders that I will pay my ex a lum sump of 188k over the year. I had to either sell my house or the business to pay for the settlement along with the ATO debt I had accrued over the last few years.
I decided to sell the business- I will need to pay CGT for this financial year. Can I claim the 188k settlement as tax deductions for the business? Or if someone could help me what my tax implications are?
My ex was not a director in the business and she claimed the business to be included in the property pool.
494 views
494 views1 replies
1 replies
494 views
1 replies