Miscellaneous 2022

Managing Business Entities in Estate Administration

Source: Victoria

Published Date: 1 Sep 2022

 

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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.

Individual Session

Managing Business Entities in Estate Administration

Author(s): Andrew Smyth

Details

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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Miscellaneous 2022

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