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Expanding Private Business Day 4: Exit Strategies

Published on 22 Oct 2013 | Took place at Tattersall's Club, Brisbane, QLD

    Selling a business or a significant business asset is a critical point in the life of any business owner. With strained economic times it is more important than ever that the business owner is able to maximise the value they have created in their business. Being ready for this critical point at any time, and planning for its aftermath, will ensure the business owner will be placed in the best position moving forward into new business ventures or retirement.
    Day 4 of this series will provide practical guidance on how both tax practitioners and business owners can approach the business sale process, how to exit a business entity and what concessions may be available to maximise their after tax return.
    Topics covered include:
  • readying the business for sale
  • determining and treating sale proceeds
  • ensuring access to small business CGT concessions
  • bringing an entity to an end
  • disablement and death - the unexpected exit
  • utilising superannuation funds to facilitate succession and exit.

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Individual sessions

Readying the business for sale

Author(s):  Troy MORGAN

Selling a business involves getting one’s house in order – but it is also much more than that! There are lots of commercial matters that will need attention, but tax needs a clear focus. This paper covers:

  • surviving tax due diligence
  • what pre-sale transactions or restructures are necessary to be able to sell what is on offer?
  • managing tax compliance & risks associated with distributions, buybacks, demergers, entity exits & the like
  • managing the exit of management, employees & minority shareholders.
Materials from this session:

Determining and treating sales proceeds

Author(s):  Paul BANISTER,  Karlene SANDALJIAN

So you’ve sold your business huh? But what have you really sold – trading assets, a trading entity, assets used in the business…? And what will you receive…and when? This paper covers:

  • CGT on earnouts
  • CGT concessions available
  • treatment of scrip consideration.
Materials from this session:

Ensuring access to small business CGT concessions

Author(s):  Brian J RICHARDS

Is your structure a help or a hindrance to accessing the concessions? Are you using your structure in the right way? Which concession is right for you? This paper covers:

  • satisfying the small business participation percentage
  • meeting the additional basic conditions for more complex structures
  • choosing the right concession
  • surviving scrutiny of application of the concession.
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Bringing an entity to an end

Author(s):  Paul BANISTER,  Karlene SANDALJIAN

How should you deal with the entity you hold after a sale to ensure that proceeds are preserved? This paper covers:

  • maximising net proceeds after vesting or liquidating the business
  • a practical walk-through of the treatment of proceeds.
Materials from this session:

Disablement and death - the unexpected exit

Author(s):  Greg CAHILL

Life doesn’t always go as planned. Business exits surrounding events like disablement and death can be very disruptive and costly. Proper planning can convert funding & taxation pitfalls to advantage. This paper covers:

  • managing exits with & without buy-sell agreements
  • consideration of funding mechanisms including CGT deeming rules.
Materials from this session:

Utilising superannuation funds to facilitate succession and exit

Author(s):  Neal DALLAS,  Clifford HUGHES

The sale value of a business may not be enough to fund retirement. Intelligent use of superannuation can create wealth independent of the business in making the most of a business’ cashflow and ongoing needs throughout its lifecycle and on sale. This paper covers:

  • pre-funding retirement through super
  • acquiring & managing business assets
  • funding, including contribution strategies & super gearing
  • accepting the small business proceeds rollover
  • role of super to support buy-sells, cross insurances, etc.
Materials from this session: