Successful succession for success paper

Published on 26 Aug 05 by NATIONAL EVENTS, TAXATION INSTITUTE OF AUSTRALIA

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.

Author profile

Peter Bobbin CTA

Peter Bobbin, CTA, is a leading legal veteran in trusts, taxation, superannuation and estate planning. In his 40 year-plus advising career he has not only seen and advised on all issues in superannuation, he was there when modern superannuation first happened and at every change, he is that old! In 2015, Peter was honoured by the Tax Institute as the Tax Advisor of the Year (SME) and recently was the Australian Chair of the Society of Trust and Estate Practitioners. As a former university lecturer and accountant, Peter claims that he can speak both accountant’eaase and legal’ease. Outside of work, Peter is an enthusiastic cyclist with three great loves; good food, good wine and one other. - Current at 09 July 2025

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