BUSINESS SUCCESSION PLANNING

>Describe what is meant by business succession planning and when it is appropriate to put a plan in place

>Identify the main issues that affect business succession planning

Describe the benefits of a properly prepared business succession agreement and the problems that can arise where no agreement is set up

Explain the buy/sell agreement as the legal document to facilitate the succession plan

>Detail the issues with different buy/sell agreements

>Explain the funding arrangements that may be used in a business succussion plan

>Identify the issues arising from different fund arrangements

>Describe the issues associated with using superannuation to provide funding for the buy/sell agreement

>Name the consequences and opportunities arising from Division 149 in the Income Tax Assessment Act that deals with changes in the majority underlying interest of pre CGT assets