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 of Mutual Trust, has over 30 years experience in advising high-wealth families, closely held businesses and accounting and legal firms on tax, asset protection and estate and succession planning. He has particular expertise in litigation support and property development. Paul started his career with the ATO and has worked in major legal and accounting firms. Prior to joining Mutual Trust, he was a Tax Partner at Deloitte Private for several years. For a number of years, Paul has been a regular author and speaker on taxation matters, particularly in relation to tax aspects of business and investment structuring, estate and succession planning and salary packaging.
- Current at
26 September 2017