The tax laws and their impact on family businesses are as dynamic as the commercial environment and the lives of the family members themselves.
Family businesses have special challenges arising from the one thing that usually makes them successful in the first place – the drive and passion of the founder (or founders) who have built up the business, and the family relationships between the key players.
These founders are increasingly having to face the prospect of stepping back from the day to day running of the business. Or eventually exiting the business completely, whether through an external sale or a succession event involving either the next generation of the family or key employees. That is, assuming there is someone ready and able to step up and take over.
These situations need careful planning, and may require a review of the business structure to ensure that it is suitable for a future transaction.
It is therefore more vital than ever to engage a tax specialist who will deliver well-considered and timely advice.
HLB Mann Judd’s tax specialists advise family businesses, family groups and business owners who are looking for innovative tax strategies without the big fees that come from engaging with the top tier firms.
HOW WE HELP CLIENTS
Advising our family business clients requires a strong understanding of a wide range of Australian tax rules that may impact the business, the individual family members and their other associated entities, as well as detailed knowledge of their main business activities and each individual’s personal situation.
We assist our clients on all tax and accounting compliance and advisory matters, including:
- A full range of tax advice and compliance assistance, covering income tax and specialty taxes such as GST, FBT, R&D tax concession claims, employment taxes and other State taxes.
- Tax structuring and restructuring advice, to ensure the family’s business and personal assets are adequately protected and that their affairs are managed in the most tax-effective way.
- Tax issues relating to business succession and exit planning, including advising on the eligibility for and application of the small business capital gains tax (CGT) concessions to business sales and restructures to achieve the most effective outcome while ensuring that our clients are protected in the event of an ATO review.
- Advising on the Division 7A rules dealing with shareholder loans from private companies, and the effective use of family trusts in family business and investment structures.