Intergenerational business transfers present enormous challenges for tax advisers. This paper highlights some of the taxation and practical issues associated with the life-cycle of a typical small business entity such as a sole trader, partnership, company or trust. The paper also examines opportunities for transferring assets into superannuation, appropriate estate planning strategies for small businesses, family law considerations and bankruptcy considerations. Matters discussed include:
- discussion on the typical life-cycle of a privately owned business
- efficient transfer of control and succession planning
- impact of stamp duty
- estate planning and bankruptcy issues
- family law considerations.