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Succession issues for privately owned businesses paper

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DisclaimerThis material is copyright. Apart from any fair dealing for the purposes of private study, research, criticism or review, as permitted under the Copyright Act, no part may be reproduced by any process without written permission from The Tax Institute.
Unless expressly stated, opinions are not that of The Tax Institute, which accepts no responsibility for the accuracy of any of the information contained within it.

Published on 10 Aug 07 by WESTERN AUSTRALIAN DIVISION, THE TAX INSTITUTE

Intergenerational business transfers present enormous challenges for tax advisers. This paper highlights some of the taxation and practical issues associated with the life-cycle of a typical small business entity such as a sole trader, partnership, company or trust. The paper also examines opportunities for transferring assets into superannuation, appropriate estate planning strategies for small businesses, family law considerations and bankruptcy considerations. Matters discussed include:

  • discussion on the typical life-cycle of a privately owned business
  • efficient transfer of control and succession planning
  • impact of stamp duty
  • estate planning and bankruptcy issues
  • family law considerations.

Author profile

Robert Sceales CTA
Robert is the Senior Partner of Sceales Lawyers. He commenced practice as a lawyer in 1971, in South Africa. He moved to Perth in 1986, and practised with a large law firm until establishing Sceales & Company in 1994. He has extensive experience in all areas in which the firm advises, particularly in relation to all Commonwealth and State taxation matters. - Current at 01 November 2017
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