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What happens when it all goes wrong? paper

Published on 02 May 13 by SOUTH AUSTRALIAN DIVISION, THE TAX INSTITUTE

Your business is successful but do you have a succession plan installed and ready to go in the event of unforeseen illness, exit or death? What do you need to consider? The sale or transmission of the business assets – who pays for it and can they afford it? What is the mechanism for dealing with the exiting party,and who values the share of income/assets? These are just a few issues that succession strategies will need to consider.

This paper covers following issues:

  • types of buy/sell agreements, including mandatory, conditional and put/call options
  • various funding tools, including insurances and ownership of these
  • tax issues, including deductibility, CGT, FBT, Div 7A and stamp duty
  • the use of SMSFs.

Author profile:

Paul HOCKRIDGE
Paul Hockridge FTIA is a Tax Partner at Deloitte with over 30 years experience in Tax, asset protection, estates-succession planning, FBT and salary packaging. Paul specialises in advising high wealth families and closely held businesses and advises mainly accounting and law firms. Paul is a member of various professional association committees and has been involved in consultation with both Federal and State Governments on a variety of tax matters.
Current at 17 October 2008
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This was presented at 46th South Australian Convention .

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SME risk differentiation framework

Author(s):  Scott BRYANT,  Michael CRANSTON

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