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Succession Planning in Farming

Published on 05 Jun 2007 | Took place at Mercure Hotel Geelong, VIC

This seminar provided a practical explanation of the steps involved in developing a plan for passing assets from one generation to the next, together with an analysis of the tax and legal issues that may arise. The topics covered included:
- establishing appropriate business structures
- the consequences of divorce and death
- taking advantage of available tax concessions.

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Individual sessions

Succession planning in farming - legal issues

Author(s):  Andrea WATSON

This paper covers:

  • transfers prior to death:
    • structure considerations
    • transfer to a discretionary trust
  • divorce - planning for it!
    • minimising the impact
    • binding financial agreements
  • transfers upon death:
    • wills
    • testamentary trusts
    • estate equalisation
    • inheritance claims
    • uncertainty for beneficiaries.
Materials from this session:

Tax issues in transferring ownership/assets

Author(s):  Steven SKOGLUND

This paper covers:

  • stamp duty relief
  • small business CGT concessions
  • selling assets already written off
  • GST exemptions
  • partnership reconstructions
  • trading stock and plant elections
  • farm management deposits
  • CGT on family law property settlements and transfers of business assets
  • divorce and the family trust election - test individual: tax losses/bad debts/franking credits and flow through.
Materials from this session:

Succession planning for farming enterprises

Author(s):  Grant BLOXHAM

This paper covers:

  • current statistics and how things have evolved
  • what is it and who does it apply to?
  • barriers benefits and risks for accountants

The paper introduces succession planning including statistics for farming enterprises in Australia. It then encompasses a simple narrative case study of a farming enterprise that failed to address succession planning.

Materials from this session: