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Regional Tax Masterclass Part 4: The path to knowing they’ll be ok – Succession planning

Published on 13 Jul 2020 | Took place at Online, NSW

Three more years have passed and unfortunately, Dad falls ill. He has no will and the situation of all children has changed. He really needs your help making sure his assets go where he wants them to go and that all the children, plus Mrs Kettle, will be ok on his eventual demise.

This session considered:

  • succession planning where the landholders either meet or do not meet the small business CGT eligibility criteria
  • the influence of tax on a decision to transfer property and business assets during the landholders’ lifetime as opposed to the transfer of property by means of a Will and the influence on the decision of the nature of the entity that holds the primary production asset
  • are there assets that can be transferred during the lifetime of the current primary producers (e.g. trading stock and depreciating assets) and other assets (land) that can pass on death
  • structuring a will and existing entities under a succession plan for the protection of assets from personal relationship and business risks, while ensuring security of retirement income to the landholders.

Individual sessions

The path to knowing they’ll be ok – Succession planning

Author(s):  Rod PAYNE,  Rob JEREMIAH

This paper covers:

  • overview of legal issues
  • succession in farming business
  • succession of farmland
  • supporting mum and dad and providing for off-farm
  • wills and powers of attorney
  • tax advice.
Materials from this session: