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Selling out – Tax issues for the baby boomer making a sea change/tree change paper

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Published on 15 Mar 08 by NATIONAL EVENTS, TAXATION INSTITUTE OF AUSTRALIA

The success of the baby boomer generation comes with some tax headaches - with many wanting to move towards a more relaxed lifestyle it will be important that advisers are aware of the myriad of tax issues that will need to be addressed to ensure that the sea change is a happy one and not too taxed. Case studies in this paper examine:

  • ways of selling out of the business:
    • using small business CGT concessions for best advantage
    • sell the business or the shares?
    • which concession works best for you?
    • liquidating the family company
    • dealing with businesses owned by trusts
  • intergenerational change - should I set up a testamentary trust in my will?
  • superannuation - tax free money for life?

Author profile

Brenton Ellery
Brenton Ellery is a partner of Edwards Marshall Chartered Accountants. He is a Fellow of the Tax Institute and a former State Chairman and National Councillor. In 2000 he was awarded a certificate for Outstanding Service to the Tax Institute, including the many papers and presentations he has made. He has been a member of the Tax Agents Board in SA since 1996, having been nominated by the professional accounting bodies. - Current at 06 November 2009
Click here to expand/collapse more articles by Brenton ELLERY.

 

This was presented at 23rd National Convention .

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