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Succession Planning Amid COVID-19 And EOFY
June 8, 2020@2:00 pm
Recent years have seen unprecedented levels of planning aimed at facilitating the transfer of wealth from the ‘baby boomer’ generation, but also a difference in attitudes between generations in terms of succession planning. Older generations are looking to protect wealth so as to allow them to retire comfortably, while younger generations want to take advantage of, and seize, both business and investment opportunities.
Even amidst a global pandemic (and perhaps more importantly in the current economic climate), succession planning is a critical topic for any business, particularly where those businesses involve family or other business activities.
It will always be critical that the tax and duty consequences of any assets transferred pursuant to succession planning arrangements are properly considered. Practically, the most tax effective time to transfer assets should be determined particularly where tax and/or duty costs are likely to be significant. Further to this, if a rural property is transferred as part of any succession plan, the importance of obtaining a valuation of the property for both CGT and asset depreciation purposes (which can be important for future offsetting against taxable income) cannot be understated.
Join AgForce and valued Corporate Partners, McCullough Robertson and Acumentis for an update on succession planning for rural families and learn more about:
- the practicalities of succession planning
- the advantages of planning early
- the importance of involving your trusted advisers
- the importance of obtaining valuations of the land and existing assets that is transferred, for future tax planning purposes.
- Fran Becker – Tax and Agribusiness Senior Associate, McCullough Robertson Lawyers
- Lachie Dunsdon – National Director, Rural and Agribusiness, Acumentis