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2011•Taxation in AustraliaRequires access

Managing trust successions for family businesses

Dan Simonds

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Abstract

When implementing a discretionary trust structure for family businesses, legal and financial advisers are required to consider various issues, such as taxation planning (including potential capital gains tax (CGT) consequences) and succession planning. Advisers should, in particular, ensure that the control of the trust passes to the intended successor or successors and, in doing so, give careful consideration to appointor provisions and the selection of the shareholders and directors of the corporate trustee.

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What this paper is about

When implementing a discretionary trust structure for family businesses, legal and financial advisers are required to consider various issues, such as taxation planning (including potential capital gains tax (CGT) consequences) and succession planning. Advisers should, in particular, ensure that the control of the trust passes to the intended successor or successors and, in doing so, give careful consideration to appointor provisions and the selection of the shareholders and directors of the corporate trustee.

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Available abstract

When implementing a discretionary trust structure for family businesses, legal and financial advisers are required to consider various issues, such as taxation planning (including potential capital gains tax (CGT) consequences) and succession planning. Advisers should, in particular, ensure that the control of the trust passes to the intended successor or successors and, in doing so, give careful consideration to appointor provisions and the selection of the shareholders and directors of the corporate trustee.

Key concepts: Successor cardinal, Project commissioning, Shareholder, Business, Publishing, Accounting, Control (management), Capital (architecture)

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