Succession planning for professionals presentation

Published on 11 Oct 12 by VICTORIAN DIVISION, THE TAX INSTITUTE

To ensure a professional practice thrives and successfully continues into the future, succession planning is critical. This presentation looks at recent developments and income tax issues associated with:

• admissions – without new equity admissions, the practice dies
• exits – issues surrounding an equity holder’s exit/retirement
• selling the business – what are the income tax issues involved in selling equity/business?
• key issues in merging two practices.

These are looked at in terms of the common structures for both “goodwill” and “no-goodwill” practices.

Author profile

Mark Northeast CTA

Mark is a consultant to Pitcher Partners Melbourne. Mark specialises in advising privately owned businesses, and has been an active participant for over 10 years in various ATO forums concerning professional practices. He is currently an external participant member of the ATO’s Professional Firms Working Group. Mark is a regular presenter for The Tax Institute, CPA Australia, the Institute of Chartered Accountants in Australia and the Law Institute of Victorian on professional practice matters. - Current at 30 June 2015

More by Mark NORTHEAST

• ATO views on professional services practices paper - 08-October-2015
• Professional practices structures guidelines paper - 19-February-2015
• Succession planning for professionals paper - 11-October-2012
• The tax issues paper - 20-April-2012
• Workshop 2 - CGT small business concessions and trust audit issues paper - 24-November-2011
• Professional practices - state of play paper 1811009 - 09-October-2009
• Professional practices – State of play paper - 09-October-2009
• Trust distributions & trust cloning ban paper - 26-February-2009
• Partnerships of trusts—The practical issues paper - 28-October-2008
• Trust planning techniques paper - 11-April-2006
• Pre-CGT assets and corporate groups paper - 20-September-2005
• Division 7A - subdivision EA and 109XA, XB, XC - The new 109UB seminar paper - 04-March-2004
• The First Head Company Tax Return seminar paper - 18-July-2003
• Consolidation: implications for SME's - 26-November-2002
• Consolidation - implications for SME's - 18-October-2002
• Reorganisations and disposals from within a consolidated group - 21-June-2002
• Consolidations - SMEs - 01-April-2002
• Consolidations: SME's - 14-March-2002

Click here to expand/collapse more articles by Mark NORTHEAST.