This session discussed:
- What if a sole/key owner or controller of a trading business passes away
- The impact of death and different issues if the business is carried on by sole trader, partnership, trust or company
- Implications for executors and beneficiaries
- What helpful / unhelpful provisions can a Will include
- Any ATO administrative concessions or elections
- What is the executor’s role regarding the operation of the business
- How to effectively manage during administration and transition control, and can control be transferred while administration of estate is ongoing and before ownership transfers?
- Impact on planned sale of business / structure, and what if contract already inked?
- Insurance payouts; and
- Impact on availability of small business CGT concessions where ownership changes upon death.