Published on 31 Oct 13
by NEW SOUTH WALES DIVISION, THE TAX INSTITUTE
Where more than one party is involved in a business, providing upfront agreed mechanism for separation is something that can ensure that drawn out separation squabbles are avoided. It is essentially the equivalent of the pre-nuptial in a business settings and needs to be carefully considered including bearing in mind the likely issues and consequences.
This paper covers:
- why we have buy/sell agreements
- funding options, including insurance
- tax considerations on insurance – who owns the policy, who pays the premium
- limitations to insurance and wider considerations
- options and consequences when buy/sell triggered – income tax (including CGT), stamp duty, other fiscal implications
- generally no perfect answer – some practical case studies.
Scott McGill CTA
Scott McGill, CTA, is a Partner at Pitcher Partners Sydney where he focuses on taxation, business, structuring and succession issues for a wide range of clients. Scott also heads the property industry speciality in the Sydney practice working with small and large developers, retirement villages/aged care and investors. Scott has extensive experience in income tax, GST and state taxes from both his time in public practice as well as the ATO, and has a reputation for achieving commercial outcomes on complex issues. Current at 12 January 2016
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