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The Endgame - Extracting Value - The Tax Issues paper

Published on 25 Nov 07 by THE TAX INSTITUTE

The variety of corporate capital management strategies available to the expanding business continues to grow and the means by which enterprise value can be released have become increasingly sophisticated (as evidenced by the burgeoning number of ATOIDs on the subject). The High Court's decision in McNeil focused on one such approach only. This paper is about the taxation issues which arise when shareholder value is released; whether that be by a trade sale, listing or a continuing participation and includes a consideration of:

  • Share sales (allocation of the purchase price and valuaton issues)
  • Restraint of trade and exit payment
  • Dividends, capital reductions and buy-backs
  • Whare is learnt from Lend Lease?
  • Earn outs and CGT issues
  • Future take out - options issued at a discount
  • What is learnt from McNeil through examining various forms of "equity" returns (eg rights, options)?

Author profile:

Peter J MCKNOULTY
Peter McKnoulty FTIA works for McCullough Robertson. Peter has degrees in Commerce and Law (with Honours) from the University of Queensland. He has been a Partner in the Queensland legal firm of McCullough Robertson since July 1986 having been admitted as a Solicitor in 1983. He practices in all aspects of the Commercial Law field with an emphasis on estate planning, taxation, tax planning, business structuring and business law generally and is the senior partner in the firm’s Business and Revenue Division.
Current at 1 August 2008
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This was presented at 15th National Tax Intensive Retreat: Growing Pains - Expanding Family Businesses .

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