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Succession issues for privately owned businesses paper


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:

Rob has been in practice for more than 30 years, originally in South Africa and since 1986 in Australia. He is admitted as a Solicitor and Barrister of the High Court of Australia and the Supreme Court of Western Australia. He holds degrees in commerce (B.Comm) and law (LL.B.) and a Master of Laws (Income Tax). He also has post graduate diplomas in income tax and a post graduate diploma in corporate law. He is a past State Chairman of the Taxation Institute. He has also served on the Revenue Committee of the Law Society. He continues to serve on the Taxation Committee of the Law Council of Australia. He has given a number of papers to the Taxation Institute, the Australian Society of CPAs, the Institute of Chartered Accountants and the Law Society of Western Australia in the past. He is the principal of Sceales & Company, established in 1994. The firm practises in Taxation, Commercial and Corporate Law and related areas of practice.
Current at 8 June 2007 Current at 09 March 2009 Click here to expand/collapse more articles by Robert WF SCEALES.


This was presented at Western Australian Annual Convention .

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