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Managing Business Entities in Estate Administration paper

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Published on 01 Sep 22 by NATIONAL DIVISION, THE TAX INSTITUTE

When an owner of a business dies, what happens next? Businesses are owned by companies, trusts, partnerships, sole traders. How do these structures play out in an estate administration? What are the implications for the executors and beneficiaries? What are the implications for the other business owners and the business itself? This paper aims to review the business ownership structures from an estate administration perspective including:

  • Understanding impact death has on partnerships and other ownership structures
  • Applying the terms of a will to business structures
  • Administrative concessions applied by the ATO and elections required
  • Consideration of the personal representatives’ role in regards to the business (continuation or wind up)
  • Issues with preserving value; and
  • Impact of buy/sell agreements.

Author profile

Andrew Smyth ATI
Andrew Smyth, ATI is the managing partner of Robbins Watson and runs the Estate Planning section of the firm. With over 30 years’ experience working in and managing business, Andrew is sought after by industry and commerce for his specialist knowledge in structuring, regulatory compliance, business succession planning and SMSFs. Andrew is a regular presenter at legal and accounting industry seminars on legal topics of current interest and importance, and is an author of the Australian reference text “Estate Planning” published by LexisNexis. - Current at 19 July 2023

 

This was presented at Death & Taxes Conference .

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Managing Business Entities in Estate Administration

Author(s):  Andrew Smyth

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International issues – Part 1

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