Capital gains tax exemption for small business

Small business owners often don't understand the exemption from capital gains tax that applies if the business has been owned for 15 years.
An eligible small business owner is exempt from capital gains tax and can contribute part of the proceeds into superannuation without it being counted towards the normal annual contributions limits, under the small- business capital gains tax retirement exemption.
To qualify, a capital gain must flow from the sale of a small business where the owner had either net assets of less than $6 million or the business had a turnover of less than $2 million.
If the business was owned for 15 years and the owner is over 55 and is retiring, the business can be sold tax free. Furthermore a substantial part or all of the proceeds can be injected into superannuation and not count towards the normal contributions limits.
The source for this blog is The Financial Review 16-17 February 2013.
For further information, you should see your accountant.

World's Happiest Nation

Fascinating to note that Australia is the world's happiest nation according to the index applied by the Organisation for Economic Co-operation and Development.

Australia has kept the top spot for the third straight year, leading Sweden and Canada.

The index measures each of 11 categories in 36 nations, giving equal weight to each category.

Criteria weighed include income, jobs , health, safety and housing.

The index also showed that Australians are more satisfied with their lives than the OECD average.

The results of the survey were released in May 2013.

Well done Australia !!!

PEACE TALKS: Syria - a challenge for the most skilled and conscientious mediator

What right thinking person would not be distressed and inclined to join the chorus to, "Do something" about the human crisis in Syria that has been unfolding over recent weeks on the world stage?

Do we understand what is really happening there?  Who are the disputing parties?  What is the true composition of their ranks?

What are their positions in the dispute (that is, what is the bottom line that they are seeking)?

What secrets or hidden agendas are driving the dispute?

What unresolved hurts and grief from the past are interfering with a resolution?

Are the members of the disputing groups cohesive in their wishes or are they being intimidated and manipulated by strong and malevolent forces within?

What are the parents of the murdered children and of the young soldiers compelled to use force against their own people saying?

Who has the skills to engage the parties and seek the answers to these questions in an effort to help these poor people rise above their differences and have a chance of living their lives without fear and aggression?

Does the spectre of a "big brother" force bring with it more or less likelihood of resolution?

Although the stakes are much higher, these questions have much in common with those which need to be asked about every interpersonal dispute.  At Brisbane Mediations we would contend that the more peaceful the resolution the better for all parties.  What is your view?

PEACE TALKS - Denise Britton

PEACE TALKS - What would Mum and Dad say if they knew you were fighting over their estate?

What would Mum and Dad say if they knew you were fighting over their hard earned property, super and other assets?

How often have we all heard that grief and loss bring out the best and the worst in people?  It really is true isn't it?  Sadly, when we lose significant people in our lives a  chain reaction of free flowing emotions tends to start and all sorts of unresolved issues from the past can surface, including old sibling rivalry - feelings about unfair treatment by parents, unfair advantages to our brothers and sisters, things that weren't said and should have been or were said and shouldn't have been.

When Mum and Dad are no longer around to keep the family on some sort of an even keel or to even give their version of events, there is the potential for these issues to get right out of hand - especially if, for one reason or another, Mum and Dad decided that their estate should not be divided equally.

There are indeed laws about sorting out perceived inequities in respect of who is left what, and the courts are there to help as a last resort.

As mediators skilled in dealing with all types of interpersonal disputes, though, we know that "blood is thicker than water" in most cases.  A discussion around a table under the guidance of a skilled mediator BEFORE the dispute escalates, has the best chance of ensuring the estate is not depleted through legal costs and of achieving a result everyone can live with and which allows siblings to continue on as a family - something every parent would want.

How would you feel if your kids ended up not talking to each other and trying to forget they were even related, just because you were prudent enough to have something to leave them? Most in those circumstances would rather spend it all before they went. 

Give our expert and sensitive mediators the opportunity to help you sort your estate issues in a way which allows you to save money, save face and save relationships!

PEACE TALKS 

PEACE TALKS- Egypt's extensive mediation efforts have failed.

US Deputy Secretary of State William Burns has left Cairo, having made no headway in finding a compromise between the army-installed government and supporters of deposed Islamist president Mohammed Morsi.

Read more: http://www.news.com.au/breaking-news/world/mediation-has-failed-egypt-presidency/story-e6frfkui-1226693026975#ixzz2bLEqWMtW

For a mediation process to be successful, there needs to be a mix of essential ingredients:-

•  A skilled mediator who is seen by all parties to be unbiased
•  Willingness on all sides to make concessions and to compromise in the interests of a peaceful solution
• The capacity on the part of the mediator to facilitate expression by all parties of their underlying perspectives and needs, whilst also maintaining ultimate control over the process
•  Preparedness of each party to listen to the other parties
• An understanding by all that resolution is preferable to at least some of the potential options should the conflict continue

At Brisbane Mediations we wonder what was left out of the mix in respect of the Egyptian mediation process?

ADR Conference

Mediation Matters.

Each year the Queensland Law Society (QLS) convenes a conference on Alternative Dispute Resolution(ADR) for legal practitioners and other professionals.

The full day conference examines developments in Mediation,Arbitration and other alternatives to a court resolution both on a national and international level and provides an opportunity for mediators and arbitrators to network and exchange ideas with colleagues.

The conference discussion was led by a range of speakers drawn fom legal and mediation practice,academia and industry.The topics were both stimulating and informative.

I was asked to present on Surviving in a Mediation Practice, with my good friends and colleagues Tess Brook and Tom Stodulka.

The topic is of particular relevance to me as some years ago now, after several decades in legal practice, I made the decision along with my wife and psychologist Denise Britton to establish a stand alone mediation practice on Wickham Terrace.The decision to establish Brisbane Mediations was a brave one at the time, but with the assistance of our long term manager Joanne McDonald,we have been successful in establishing the practice, which we can proudly say is the only stand alone private shopfront mediation practice in Brisbane. Operating on a fulltime basis from our Dispute Resolution Centre, and together with our panel of mediators, we have assisted many hundreds if not thousands of couples to resolve their conflict without the expense or delay of court proceedings.

Both Denise and myself derive enormous pleasure from being able to assist couples and others to resolve their conflict and move on with their lives.

Whilst our mediation practice initially derived from our long years of professional practice in the matrimonial area, in my case as a lawyer and in Denise's case as a psychologist, our practice has spread well beyond matrimonial to the point where we assist people resolve all manner of conflict including in the workplace, industrial, school and general interpersonal environments.

It is always a pleasure to present to a group of mediators of varying experience to help explain some of the pitfalls they will confront and strategies for overcoming them in their practice.

Our mediation practice has been assisted greatly by the range of backgrounds and life experience not only of ourselves but of our panellists.

One of the interesting facets of mediation is that everything you experience and do in life and everyone you meet, or situation you encounter, helps to improve your skills and ability and develop your repertoire as mediators.

Both Denise and I are always learning and striving to improve our skills and days such as the QLS ADR day provide a great opportunity for this.

We congratulate the staff of QLS on another successful day.

We both look forward greatly to continuing to improve our skills and to help people resolve their conflict in whatever field of life they are involved.

Mike Emerson

Mediation matters- Court delays

Suppose you were having an argument with someone and each of you decided to refer the matter you were arguing about to someone else who might know the answer. What if the person you  approached to make the decision said he or she had no time to think about the matter for a year or even longer. Would you still persist or try to find an easier way to get an outcome?

What if you both decided to persist and the person you wanted to consult told you that even when he or she had time to think about the matter you had raised, it would take another year or so before they could advise you of the decision.

What if the matter in dispute was important to you and you had a lot riding on the decision and a lot of emotion invested in the outcome.

Understandably, you would be frustrated and upset and look for an easier way to resolve your argument.

Sadly this is an everyday occurrence for separating couples in family law disputes.

What could be more important to parties than what happens to their children or how their property is divided on separation. Parties usually have much hanging on the outcome of these decisions.

Unless they are fortunate enough to be part of the group that resolves these matters amicably, then they often may feel that they have no alternative than to refer their argument or dispute to the family courts for a decision.

Sadly these parties are faced with long delays in having their argument heard and often even when a court is available to give a decision, there are often significant delays in the court handing down or making it's decision.

These delays mean the parties have to put their lives on hold and cannot move on.

The delays also increase the costs which parties must pay in having their argument resolved.

In later blogs, we will explain why mediation offers an alternative to these delays and enables parties to resolve their disputes without the delays and cost associated with going to court.

We will explain how mediation can be convened at anytime to suit the parties, avoiding the delays that otherwise occur and the costs that court involves.

Find out more about mediation by visiting our website www.brisbanemediations.com.au