This paper covers:
- generational succession strategies, how to be the mentor the family needs
- assistance in purchasing shares, how this can be done, even tax effectively
- phased buy in by family - ie. incorporation of a company to take over running business before buying land later
- formation of new partnership with family members to bring them into the business
- using parallel equity strategies to test the future and avoid tax problems
- GST impacts on change over - going concern issues / sale of farm land / creation of new partnerships
- application of Div 152; especially re-setting the cost base
- buy / sell option agreements - using of self super managed funds / Div 7A traps
- life / TPD insurance - CGT issues and strategies, deductibility of premium etc.
- service trusts - ATO views dwarf the succession issues.
This paper was also presented on 1 December 2005 at the repeat 13th National Tax Intensive Retreat.