Essential Succession Planning
While it might be a tough topic to broach, it is inevitable that someday you will leave your business. You can’t know whether you’ll sell up, retire or leave due to health reasons, so is important that you prepare yourself for any eventuality. A recent nationwide survey by the Australian Centre for Family Business at […]
Family Farm Stamp Duty Exemption
The Family Farm Exemption allows landowners to transfer land used in primary production to relatives without the imposition of stamp duty. This legislation was introduced to encourage younger family members to stay on the farm and continue running the business
Succession Planning
It is never too early or too late to think about succession planning for your business, however, it is strongly recommended that you start thinking about making a plan from the first day of ownership, regardless of whether you wish to own the business for 3 years or 35 years. Things change constantly in business, so by having a succession plan allows you to prepare for the unexpected, even though the plan may change throughout the years. Nobody wants their hard work and invested time to go to waste when they decide it’s time to step back.
Valuations in your SMSF
The days of a lax approach to valuations are over. While there is not always the need to employ a qualified independent valuer for each valuation, there are important circumstances where it is mandated, and others where it is recommended. Where one is not used then appropriate documentation needs to be kept of how valuations were determined. Back of the envelope or simply made-up valuations will not suffice.
Work test over 65
Whether or not the trustee of a complying superannuation fund can accept member contributions for those aged between 65 and 75 depends on the member satisfying the “work test”.
Not in the will… does it count?
A recent decision in the Supreme Court of Western Australia shows that pre-testamentary wishes are difficult to prove unless they are expressly provided for under a valid Will. In Caratti, the deceased mother made a decision during her lifetime that her son, and future beneficiary of her estate, could reside at her house for as long as he wished. However, there was no provision of this right in her Will. The consequence was that the deceased’s son was not eligible for an exemption to land tax despite using the property as his place of residence.
Succession for Rural Families
A simple guide for farming families of the issues to consider
What is intellectual property?
A quick summary of the elements of intellectual property.
Options for employers where an employee has died.
Distributing to a deceased estate
Section 99A of the Income Tax Assessment Act 1936 results in certain types of undistributed income of a trust estate being taxed at penalty rates (currently prescribed as 45%). However, section 99A provides exclusions for certain types of trust estates (in which case the undistributed income of the trust will be taxed concessionally under section […]