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 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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