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Succession planning for professionals paper

Published on 11 Oct 12 by VICTORIAN DIVISION, THE TAX INSTITUTE

To ensure a professional practice thrives and successfully continues into the future, succession planning is critical. This paper looks at recent developments and income tax issues associated with:

  • admissions – without new equity admissions, the practice dies
  • exits – issues surrounding an equity holder’s exit/retirement
  • selling the business – what are the income tax issues involved in selling equity/business?
  • key issues in merging two practices.

These are looked at in terms of the common structures for both “goodwill” and “no-goodwill” practices.

Author profile:

Mark Northeast CTA
Mark is a consultant to Pitcher Partners Melbourne. Mark specialises in advising privately owned businesses, and has been an active participant for over 10 years in various ATO forums concerning professional practices. He is currently an external participant member of the ATO’s Professional Firms Working Group. Mark is a regular presenter for The Tax Institute, CPA Australia, the Institute of Chartered Accountants in Australia and the Law Institute of Victorian on professional practice matters. Current at 30 June 2015 Click here to expand/collapse more articles by Mark NORTHEAST.
 

This was presented at 51st Victorian State Convention.

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