Utilising super in your family business structure paper

Published on 28 Feb 13 by QUEENSLAND DIVISION, THE TAX INSTITUTE

An SMSF can be an important part of a family business structure, helping not only to achieve a better tax outcome during the life of a business and on its disposal, but also to protect some key business assets. This paper demonstrates how an SMSF can be utilised to own business assets and the key issues to consider.

Topics covered include:

• what assets can be owned by the SMSF:
  • business real property
  • other assets
• how assets can be held by the SMSF:
  • directly
  • related and non-related trusts
• geared acquisitions – options where there is not sufficient cash in the SMSF
• implications on disposal of the business
  • planned exits – retirement and intergenerational transfers
  • unplanned exits – death and disablement.

Author profile

Neal Dallas CTA

Neal is a Principal in McInnes Wilson Lawyers’ Superannuation and Revenue Group. He has extensive experience advising clients in the areas of superannuation, tax, estate planning and asset protection. He has advised corporate, industry and self-managed funds and their employers across a range of superannuation-related matters including fund establishment, fund mergers and transfers, benefit payment issues, superannuation borrowing arrangements, taxation of contributions and earnings, fund wind-ups and trustee training. - Current at 15 March 2021

More by Neal DALLAS

• Managing the superannuation guarantee minefield paper - 25-February-2021
• Death in the new world, post-superannuation reform paper - 19-July-2018
• Self-managed superannuation funds holding agribusiness assets paper - 19-April-2018
• When property and superannuation intersect – Recognising opportunity, avoiding pitfalls paper - 22-March-2018
• Workshop 2: Division 7A & Division 152 paper - 10-November-2016
• Transitioning to retirement with an eye on super paper - 18-August-2016
• Superannuation - Family & intergenerational Planning paper - 21-May-2015
• Conflicts in a superannuation death benefit context paper - 28-April-2015
• Utilising superannuation funds to facilitate succession and exit paper - 22-October-2013
• Role of superannuation in estate planning paper - 09-October-2012
• Excess contributions tax paper - 21-August-2012
• Superannuation Intensive 2010 workshop guide paper - 27-July-2010
• Superannuation paper - 09-October-2009
• Property investment strategies paper - 24-July-2009
• Don’t lose your trust losses paper - 19-February-2009
• Property and self managed superannuation funds paper - 10-November-2008
• Instalment warrants paper - 23-October-2008
• Superannuation funds as trusts paper - 14-August-2008
• Superannuation and death paper - 17-April-2008
• Fund termination and matrimonial breakdown paper - 17-July-2007
• Trusts and asset protection paper - 20-October-2006
• Superannuation - in case of emergency paper - 06-March-2006
• DIY Superannuation: the new toy seminar paper - 25-March-2004
• Set up an SMF: Implementing the Idea seminar paper - 17-July-2003
• Financial Implications of Death - 28-April-1997

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