Succession planning paper

Published on 24 May 07 by NEW SOUTH WALES DIVISION, THE TAX INSTITUTE

Often the most overlooked area of running a business - what happens when one co-owner dies or wants to leave the business? What are the key things you need to do to provide for succession planning with arm’s length business partners or with intergenerational family transfers, including:

• tax issues for trading stock, depreciable assets, CGT assets
  
• buy-out by co-owners
  
• income tax issues for off market buy backs of shares
  
• intergenerational transfers
  
• use of insurance policies, buy sell agreements and use of put and call options, timing of CGT event under contract, conditions precedent to formation.

Author profile

Jo-anne Hotston CTA

Jo-anne is a director of TaxBytes, a Knowledge Shop Company, which is a specialised in house tax training business. She is a Fellow of the Institute of Chartered Accountants and a Charted Tax Adviser of The Tax Institute and holds a Masters in Taxation from the University of Sydney. Jo-anne has been providing tax training to accounting and legal firms since 1994 from first tier firms down to smaller firms. She provides monthly tax training to a number of accounting firms throughout Australia. She has had extensive experience as a presenter in taxation matters and has been a regular presenter for the ICAA and TTI. - Current at 10 January 2019

More by Jo-anne HOTSTON

• Taxation issues for deceased estates paper - 17-October-2017
• Year end tax issues paper - 06-June-2017
• Small business entities paper - 19-November-2015
• Workshop 1 questions and answers - 08-November-2012
• Property transactions CGT, income tax and GST considerations paper - 17-May-2012
• Year end tax issues 2011 paper - 05-May-2011
• Small business entities and capital gains tax paper - 28-May-2008
• Investing in property convention paper - 04-June-2004

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