2020

Regional Tax Masterclass Part 4: The path to knowing they'll be ok - Succession planning

Source: New South Wales

Published Date: 13 Jul 2020

 
Three more years have passed and unfortunately, Dad falls ill. He has no will and the situation of all children has changed. He really needs your help making sure his assets go where he wants them to go and that all the children, plus Mrs Kettle, will be ok on his eventual demise.

This session considered:

  • succession planning where the landholders either meet or do not meet the small business CGT eligibility criteria
  • the influence of tax on a decision to transfer property and business assets during the landholders' lifetime as opposed to the transfer of property by means of a Will and the influence on the decision of the nature of the entity that holds the primary production asset
  • are there assets that can be transferred during the lifetime of the current primary producers (e.g. trading stock and depreciating assets) and other assets (land) that can pass on death
  • structuring a will and existing entities under a succession plan for the protection of assets from personal relationship and business risks, while ensuring security of retirement income to the landholders.

Details

  • Published On:13 Jul 2020
  • Took place at:Online

The material is copyright. Apart any fair dealing for the purpose of private study,

research critisism or review, as permitted under the copyright Act, no part may be rerpoduced by any process without written permission from The Tax Institute.

Unless expressly stated, opinions are not that of The Tax Institute, which accepts no responsibility for the accuracy of any of the information contained within it.

This material is copyright. Apart from any fair dealing for the purpose of private study., research, critisism or review, as permitted under teh copyright Act, no part may be reproduced by any process without written permission from The Tax Institute.

Unless expressly stated, opininons are not that of The Tax Institute, which accepts no responsibility for the accuracy of any of the information contained within it.

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