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The family business - Transfer to the next generation? paper

Published on 31 Oct 13 by NEW SOUTH WALES DIVISION, THE TAX INSTITUTE

A common problem facing many successful family owned businesses of all sizes is how to plan for the transfer of the business to the next generation. Several recent high profile cases that have received media attention highlight the many issues that need to be considered and the practical difficulty in achieving the objective of a smooth transition. In many cases business succession planning is considered too hard and therefore, it is given a very low priority by clients.

This paper covers:

  • how you can assist your client with the development of a workable business succession plan
  • what options are available to the client
  • identify the business structure and implementing a restructure if necessary
  • using the CGT concessions to restructure the business in preparation for succession
  • practical issues with businesses conducted via family discretionary trusts
  • what can we learn from the mistakes of others
  • blended families and related problems with business succession.

Author profile

Chris Tsovolos FTI
Chris is focused on delivering private client services to families, individuals and privately held businesses across a range of personal and commercial tax issues. His clients rely on his strategic approach to personal and business succession planning, wealth protection and asset structuring. He also has significant experience in assisting clients with asset protective structuring and taxation planning and structuring. In respect of taxtion law, Chris also assists clients in dealing with ATO audits and reviews, including lodging objections and appeals against ATO assessments and NSW State Revenue Office determinations. Chris has lectured for Western Sydney University and regularly presents for the Chartered Accountants Australia and New Zealand, Tax Institute of Australia, Australian Society of Certified Practising Accountants and other associations in respect of topics that are part of the core areas of his practice. - Current at 22 September 2020
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This was presented at NSW 10th Annual Estate and Business Succession Planning .

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Author(s):  Richard NEAL

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