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13th National Tax Intensive Retreat: Preserving Wealth for Future Generations

Published on 01 Dec 2005 | Took place at Sheraton Noosa Resort, Sunshine Coast, National

This event was originally held on 25 to 27 August 2005. A repeat event was held on 1 to 3 December 2005.

The theme was succession planning, preserving and passing the family wealth to the next generation. This is a topic of increasing importance as the value built up in entities by, in particular, the baby boomers is to be transferred to the next generation. The traps and pitfalls are many and our team of expert and experienced presenters identified those obstacles and suggested the ways and means of avoiding or overcoming them.

The range of succession strategies considered is impressive - the role of superannuation, trusts, companies, the impact of bankruptcy, family breakdown and for that growing group of people who have lived as expatriates for much of their working life, return to Australia for retirement.

Get a 20% discount when you buy all the items from this event.

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Individual sessions

Passing Control of Existing Trusts

Author(s):  Rob JEREMIAH

This paper covers the following topics:

  • are the people/entities we think are beneficiaries, actually beneficiaries of the trust? - Excluded beneficiaries are problems with former spouse, trustee, notional settlor
  • adding or excluding beneficiaries and resettlement issues
  • the role of the appointor/guardian/supervisor in passing control to the next generation - appointor provisions as the will for the trust
  • splitting trusts - what is it, how does it work, what are the taxation implications and when would you do it?
  • family trust election issues with passing control of existing trusts
  • extending the life of an existing trust beyond the life of the existing controller.

This paper was also presented at the Preserving and Passing on the Family Wealth seminar held in Melbourne on 8 November 2005 and on 1 December 2005 at the repeat 13th National Tax Intensive Retreat in Noosa.

Materials from this session:

Establishing new trusts as part of succession planning

Author(s):  Daniel SMEDLEY

This paper covers the following topics:

  • cloning trusts:
    • what is it, how does it work, what are the taxation implications and when would you do it?
    • family trust election issues
    • Division 7A issues
  • testamentary trusts:
    • control from the grave - letters of wishes vs deeds of family arrangement
    • family trust election issues
    • superannuation proceeds trusts - protection v death benefit ETPs
    • ownership of main residence and taxation implications of occupation rights
  • child maintenance trusts
  • trust to trust distributions (income and/or capital) and perpetuity issues
  • gifts to and secured loans from trusts to secure equity in property for the next generation.

This paper was also presented at the Preserving and Passing on the Family Wealth seminar held in Melbourne on 8 November 2005 and on 1 December 2005 at the repeat 13th National Tax Intensive Retreat in Noosa.

Materials from this session:

Session 1 and 2 workshops

Author(s): 

This workshop covers:

  • effective dispute resolution and control mechanisms
  • how, when and why cloning and splitting work
  • dealing tax effectively with gifts, forgiveness and beneficiary interests
  • effective use of family trust elections in asset protection structures.

This was also presented on 1 December 2005 at the repeat 13th National Tax Intensive Retreat.

Materials from this session:

Successful succession for success

Author(s):  Peter BOBBIN

This paper covers:

  • generational succession strategies, how to be the mentor the family needs
  • assistance in purchasing shares, how this can be done, even tax effectively
  • phased buy in by family - ie. incorporation of a company to take over running business before buying land later
  • formation of new partnership with family members to bring them into the business
  • using parallel equity strategies to test the future and avoid tax problems
  • GST impacts on change over - going concern issues / sale of farm land / creation of new partnerships
  • application of Div 152; especially re-setting the cost base
  • buy / sell option agreements - using of self super managed funds / Div 7A traps
  • life / TPD insurance - CGT issues and strategies, deductibility of premium etc.
  • service trusts - ATO views dwarf the succession issues.

This paper was also presented on 1 December 2005 at the repeat 13th National Tax Intensive Retreat.

Materials from this session:

Keeping it in the company

Author(s):  Peter J MCKNOULTY

This paper covers:

  • passing control of the family business via passing control of the company that owns the business
  • use of different classes and types of shares
  • dividend streaming
  • opportunities and challenges presented by the Div 152 small business concessions
  • Sec 149-30 and Event K6
  • Event K6 and other issues re change in majority underlying interests
  • use of demergers and other rollover provisions.

This paper was also presented on 1 December 2005 at the repeat 13th National Tax Intensive Retreat.

Materials from this session:

Session 3 and 4 workshops

Author(s): 

This workshop covers:

  • tax effective succession planning for generational transfers
  • balancing GST, CGT and stamp duty imperatives in a commercial world
  • Commissioner's attitude to dividend streaming and profits first arguments
  • dealing with gifts, forgiveness and beneficiary interests.

This was also presented on 1 December 2005 at the repeat 13th National Tax Intensive Retreat.

Materials from this session:

Wealth protection issues for clients with risk profiles: a family law perspective

Author(s):  Martin BARTFELD

This paper examines how the Family Law system copes with various issues which arise when the time comes for property to be divided between spouses. When families fall out any planning structures based upon mutual trust and understanding also have a way of working against the interest of one or both of the parties.

This was also presented on 1 December 2005 at the repeat 13th National Tax Intensive Retreat.

Materials from this session:

Wealth protection issues for clients with risk profiles

Author(s):  Gary BIGMORE

This paper covers two separate topics:

  • creditors and property proceedings after the Bankruptcy and Family Law Legislation Amendment Act 2005 (No. 20 of 2005) important parts of which came into force on 15 April 2005 and the remainder on 18 September 2005
  • Family Court powers under Part VIIIAA of the Family Law Act 1975 which came into force on 17 December 2004.

This was also presented on 1 December 2005 at the repeat 13th National Tax Intensive Retreat.

Materials from this session:

International aspects of succession planning for high wealth individuals

Author(s):  CJ CHAN,  Denise HONEY

This paper covers:

  • transfer or trust implications for immigrants
  • dealing with inherited CFC and FIF structures
  • CGT implications for immigrating or emigrating
  • impact of DTA changes for estate planning.

This was also presented on 2 December 2005 at the repeat 13th National Tax Intensive Retreat.

Materials from this session:

Effective strategies for using superannuation in succession planning

Author(s):  Paul BANISTER

This paper covers:

  • when to establish self managed funds
  • using self managed pension rules - use of market linked annuities / allocated pensions / Treasury review documents released on 24 January
  • variations of contribution strategies
  • RBL compression and other useful strategies / RBL strategies
  • planning for efficient taxation of death benefits
  • use of binding death benefit nominations
  • use of offshore superannuation structures.

This was also presented on 3 December 2005 at the repeat 13th National Tax Intensive Retreat. It includes some minor updates made for presentation on 19 May 2006 at the North Queensland Convention, held in Townsville.

Materials from this session:

Session 7 workshop

Author(s): 

This workshop covers:

  • tax effective contribution strategies, including RBL compression
  • is it possible to merge self managed funds?
  • opportunities in respect of the in-house assets rules.
This was also presented on 3 December 2005 at the repeat 13th National Tax Intensive Retreat.
Materials from this session: