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.
Paul is a Tax Partner at Mutual Trust with over 30 years experience in tax, asset protection, estate and succession planning, FBT and salary packaging. Paul specialises in advising
high-wealth families and closely held businesses as well as many accounting and law firms. Paul teaches in the Masters program in the Law School at the University of Melbourne and has been involved in consultation with both federal and state governments on a variety of tax matters. Paul also contributes to The Tax Institute’s book, Estate and Business Succession Planning.
- Current at
12 April 2017