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5th Annual Estate & Business Succession Planning Intensive

Published on 19 Nov 2004 | Took place at The Menzies Hotel, Sydney, NSW

It is said that the only two certainties in life are death and taxes. This fifth annual estate and business succession planning seminar focused on the many complex issues surrounding these two certainties in life.

The presenters discussed recent developments and new cutting edge structures and strategies.

The tax issues arising on death of a taxpayer were extensively examined with emphasis on the treatment of real property and in particular the main/principal place of residence exemption.

These days clients do not just want their Wills drafted but also require estate planning advice from their advisors. With many different structures and strategies in the market place including the possibility of incorporating superannuation into the estate planning process, it is essential that practitioners regularly update their knowledge base in this area in order to continue to provide clients with up-to-date estate planning advice.

Business Wills and business succession planning are equally as important in the case of both family and non-family businesses. With so many changes to the tax law, it is important that practitioners keep informed of all the developments in this area.

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

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Individual sessions

Business Succession Planning

Author(s):  Ian ESDAILE

This seminar paper covers the following issues:

  • structuring of the business succession plan
  • funding the exit, including Division 7A issues and traps
  • structuring for non-family buyouts
  • superannuation funding and use of insurance
  • CGT implications - ATO statement of principles
  • wills and the business succession strategy
  • dealing with assets in companies and trusts
  • maximising benefits of CGT small business concessions
  • indirect taxes - GST and stamp duty.

The author presented a previous version of this paper at the 3rd Annual Estate & Business Succession Planning Intensive held in Sydney on 22 October 2003. That paper was also presented by Craig Holland at the Business and Estate Planning seminar held in Melbourne on 28 October 2003.

Materials from this session:

Death and taxes

Author(s):  Michael FLYNN

This paper covers:

  • the tax situation on death
  • treatment of trading stock and depreciable assets
  • tax advantaged persons and non-residents
  • present entitlements during stages of administration of a deceased estate
  • current issues with testamentary trusts
  • estate planning and tax effective will drafting.
Materials from this session:

Death and real property

Author(s):  Michael FLYNN

This seminar paper covers the following topics:

  • CGT main residence exemption - practical issues
  • vendor duty principal place of residence exemption
  • testator with more than one residence at date of death
  • property the subject of a life estate
  • property vesting in the remainderman
  • alternatives to creating life estates.
Materials from this session:

Superannuation and Estate Planning

Author(s):  Stephen HEATH Topics covered in this seminar paper include:
- the role of superannuation in estate planning
- contribution strategies
- complying pensions and allocated pensions
- commutation of pensions
- tax implications on death for the superannuation fund - deductions available for insurance, contributions tax refund.

This paper is an updated version of a paper presented by Stephen Heath at the 3rd Annual Estate & Business Succession Planning Intensive held in Sydney on 22 October 2003. This paper was also presented by Bernie O'Sullivan at the 5th Annual Estate & Business Succession Planning Intensive held in Sydney on 19 November 2004.

Materials from this session: