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Succession issues for privately owned businesses paper

Published on 10 Aug 07 by WESTERN AUSTRALIAN DIVISION, THE TAX INSTITUTE

Intergenerational business transfers present enormous challenges for tax advisers. This paper highlights some of the taxation and practical issues associated with the life-cycle of a typical small business entity such as a sole trader, partnership, company or trust. The paper also examines opportunities for transferring assets into superannuation, appropriate estate planning strategies for small businesses, family law considerations and bankruptcy considerations. Matters discussed include:

  • discussion on the typical life-cycle of a privately owned business
  • efficient transfer of control and succession planning
  • impact of stamp duty
  • estate planning and bankruptcy issues
  • family law considerations.

Author profile:

Robert Sceales CTA
Rob is Senior Partner at Sceales Lawyers. Established in 1994, the firm practises in taxation (Federal and State) and superannuation matters. It has a large practice in commercial work, property, conveyancng, estate planning, wills and probate matters, administration of estates including deeds of arrangement and other property advice. The firm advises on the structuring and setting up of all forms of commercial arrangements, including partnerships, companies, trusts and joint ventures. Rob appears as Counsel in taxation appeals and reviews in Federal and State jurisdictions, and also appears in and advises on criminal matters relating to taxation issues. He is from time to time engaged to provide evidence as an expert in relation to taxation issues. Current at 11 May 2016 Click here to expand/collapse more articles by Robert WF SCEALES.
 

This was presented at Western Australian Annual Convention.

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