Family Business Advisory Conference 2018
Family businesses come in all different shapes and sizes and account for 70% of all businesses in Australia, but no matter the size they’ll all expect the same thing from you: guidance on the best strategies to help them structure, manage, grow and potentially pass on their business. And to top it off they’ll also expect the latest tax strategies.
Description
Attend and earn 7 CPD Points/Hours
This conference was recorded in NSW on 19 November 2018
Chair: Leanne Hegarty, Partner, KPMG
9.00am to 9.30am: KEYNOTE ADDRESS: Hear from the Deputy of the Australian Small Business and Family Enterprise Ombudsman
The deputy of the ASBFEO will give you a brief outlook of Australia’s family business market and highlight the main family business disputes and resolutions.
Presented by Dr Craig Latham, Deputy, ASBFEO
STRUCTURING, GROWTH AND TAX STRATEGIES
9.30am to 10.20am: Structuring a Family Business: Company vs Trust
- The key considerations in deciding on the optimal structure of a family business
- The pros and cons of a company vs a trust
- When growth, succession or changes in the business creates a need to restructure, what are the tax considerations?
Presented by Vanessa Priest, Tax Partner, Baskin Clark Priest
10. 20am to 11.10am: Practical Division 7A Strategies in the Family Business Context
- Latest: Proposed changes by Treasury
- When do changes take effect?
- What are the new loan terms?
- Are UPE’s caught? What about pre-1997 loans?
- How do you calculate the ‘Distributable Surplus’
- Can I take corrective action and fix a Div. 7A mistake?
- Debt forgiveness and Division 7A
- Death and Division 7A
Presented by Sean Urquhart, Director – Taxation Consulting, Nexia Australia and New Zealand
11.10am to 11.25am Morning Tea Break
11.25am to 12.05pm: Growing the Family Business: Debt vs Equity
There are numerous ways for a family business to grow. In this session, we will demonstrate the different approaches and what tailored solutions you should provide to your family business clients.
Panellists:
Susan Pearson, Partner, Pearson Emerson Meyer; Accredited Specialist in Family Law; Collaborative Lawyer; Preeminent Family & Divorce Lawyer, Doyle’s Guide 2018
Michael Perkins, Head of Private Client Practice, Nexus Law Group
Michael Barone, Tax Director, Deloitte
12.05pm to 12.55pm: A Practical Guide to Planning for Divorce: Asset Planning and Financial Settlements
- Financial structures for relationship asset planning
- Financial agreements (before and during relationships)
- Financial statements: how to present the snapshot of your client’s financial position for court (including Division 7A loans, contingent tax liabilities), and disclosure obligations
- Involvement of third parties
- The structure of financial settlements: the balance sheet summary, unravelling assets and structures
- Child maintenance trusts
Presented by Susan Pearson, Partner, Pearson Emerson Meyer; Accredited Specialist in Family Law; Collaborative Lawyer; Preeminent Family & Divorce Lawyer, Doyle’s Guide 2018
12.55pm Networking Lunch
STRATEGIES FOR FAMILY BUSINESSES
1.40pm to 2.30pm: Contemporary Succession Planning for Modern Family Businesses
Succession of both management and ownership of a family business is difficult and not many families do it well. Lack of planning and communication can lead to family conflict, loss of value, higher than expected taxes and failure to pass on the legacy. Examine steps to successful succession planning.
- It’s a process, not a single event
- Starting the process and timing
- Family considerations and values, and dealing with conflict
- Identifying and preparing the next generation for success
- Communication, documentation and planning
Presented by Michelle Hartman, Partner, Tax & Advisory, Deloitte Private; Leader, Sydney Family Enterprise Advisory, Deloitte
2.30pm to 3.20pm: Wills, Succession and Family Wealth Governance
- Introducing the Family Wealth Map
- Assessing the impact of the limited jurisdiction of a person’s will
- Identifying when management succession is the priority over ownership succession
- Understanding discretionary estate management tools as instruments of financial injustice
- Introducing the key features of a family wealth governance program
Presented by Michael Perkins, Head of Private Client Practice, Nexus Law Group
3.20pm to 3.35pm Afternoon Tea Break
3.35pm to 4.25pm: Is the Family Business Ready for Sale? Correctly Advising Your Client
- Key challenges faced by family businesses
- Current state of the M&A market
- Approaching the realisation process strategically
- Assessing whether you are ready
- Know your enemy: understand the market you are selling into
- What a good sale process looks like for your client’s particular business
- How we can help our clients achieve superior outcomes
Presented by Jared Grima, Director, Corporate Finance, Grant Thornton
4.25pm to 5.15pm: Selling the Family Business: Shares vs Assets
Once the decision to sell the family business has been made, the discussion inevitably moves to whether the shares or the assets should be sold. This session will consider:
- The tax issues associated with share sales
- Asset sales and the related tax issues
- How to address risk items identified during the sales process
- Options for resolving conflict between the vendor and purchaser as to the value of what is being sold
Presented by Stuart Le Cornu, Partner, Fordham
5.15pm Closing Comments by the Chair