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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
Mark Northeast FTIA is a partner in the Tax Consulting division of Pitcher Partners. He has over 20 years experience dealing with tax legislation primarily advising to privately owned business and the SME market.
Current at 26 February 2009 Current at 20 April 2009 Click here to expand/collapse more articles by Mark NORTHEAST.
 

 

This was presented at 51st Victorian State Convention .

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The new Part IVA - Clarification or extension?

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Cases review

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The new transfer pricing rule

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Reportable tax positions

Author(s):  Judy MORRIS

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