Published on 29 Jul 13
by SOUTH AUSTRALIAN DIVISION, THE TAX INSTITUTE
In order to give effect to a client’s estate or succession objectives it is often necessary to pass assets to the next generation before death or to undertake some restructuring pre-retirement or pre-death to ensure that assets can be passed to the appropriate people in the most effective manner. Often income tax, capital gains tax, GST and stamp duty implications are a major hurdle to transfers or restructures of this kind.
This presentation provides some tools for minimising the impact of these costs:
- commercial considerations in passing assets to the next generation before death
- common reasons for pre-death restructures
- CGT small business concessions
- relevant CGT roll-overs
- stamp duty exemptions and relief (for example, family farms)
- GST considerations for business restructures;
- concessions and benefits available if wait until death.