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What happens when it all goes wrong? paper

Member Price: $57.00
Non Member Price: $75.00

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Published on 02 May 13 by SOUTH AUSTRALIAN DIVISION, THE TAX INSTITUTE

Your business is successful but do you have a succession plan installed and ready to go in the event of unforeseen illness, exit or death? What do you need to consider? The sale or transmission of the business assets – who pays for it and can they afford it? What is the mechanism for dealing with the exiting party,and who values the share of income/assets? These are just a few issues that succession strategies will need to consider.

This paper covers following issues:

  • types of buy/sell agreements, including mandatory, conditional and put/call options
  • various funding tools, including insurances and ownership of these
  • tax issues, including deductibility, CGT, FBT, Div 7A and stamp duty
  • the use of SMSFs.

Author profile

Paul Hockridge CTA
Photo of author, Paul HOCKRIDGE Paul Hockridge, CTA, is the Principal of Hockridge Advisory. He has worked for the ATO, a large law firm, has been a partner in medium and Big 4 chartered accounting firms and has over 30 years’ experience in tax, asset protection, estate and succession planning. Paul’s niches include litigation support, property development and FBT and salary packaging. Paul specialises in advising high wealth families and closely held businesses, as well as providing support for a number of accounting and law firms. Paul maintains a practicing certificate as a legal practitioner in Victoria, is a fellow of Chartered Accountants Australian and New Zealand, is senior fellow and teaches in the Masters program in the Law School at the University of Melbourne and is a chartered tax adviser. He sits on The Tax Institute’s FBT and Employment Taxes Committee and was an original contributor to The Tax Institute’s book, Estate and Business Succession Planning. Perhaps Paul is best known as a regular presenter at local, State and National Tax Institute conferences. - Current at 10 December 2024
Click here to expand/collapse more articles by Paul HOCKRIDGE.

 

This was presented at 46th South Australian Convention .

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