Published on 22 Oct 05
by SOUTH AUSTRALIAN DIVISION, THE TAX INSTITUTE
This case study considers the issues that arise when partners in a primary production business want to bring in new partners or pass the business to the next generation. The case study covers:
- reconstitution of the partnership and continuing ownership issues
- restructuring using new entities for asset ownership
- livestock and capital allowance rollovers
- Division 152 issues for partners leaving the business
- accounting vs tax treatment of partner exits/entries
- stamp duty exemptions including use of tightly held family trusts.
Peter heads Cowell Clarke's tax and revenue practice group. He advises and acts for a wide range of public and private companies as well as for the trustees of self managed superannuation funds. Peter’s areas of expertise include: income tax (as it impacts on business and high net worth clients); capital gains tax; goods and services tax; state taxes and superannuation law. Peter is regularly involved in advising SMSF trustees on issues associated with superannuation income streams. Peter is a member of the Australian Institute of Company Directors and the SMSF Professionals Association of Australia Ltd in addition to being a member of the Tax Institute’s South Australian State Council.
- Current at
08 October 2019