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The Complete Succession Website is divided into 11 main sections.

Each section is listed in the grey menu bar under the "Complete Succession" logo on each page.

You can go to the front page of each section by clicking on the heading in the grey menu bar on any page of the Website.

Once you are inside a section of the Website, all related pages within the section are listed in the vertical menu in the maroon left-hand column on each page.

Set out below is a complete listing of the different pages within each section.

Each black heading below is a hyperlink to the relevant page.

 

 

Introduction

Welcome

Adviser Updates

 

1. Business Succession Planning

This Section focuses on the strategic and commercial issues with respect to Business Succession Planning.

1.1 Overview:

Business Succession Planning

Need for Succession Plan

Need for Asset or Buy/Sell Strategy

Need for Liability or Key Person Strategy

Negotiating a Succession Plan

1.2 Types of Succession Plan:

Simple Succession Plan

Complete Succession Plan

Simple or Complete Succession?

Horses for Courses

1.3 Designing a Complete Succession Plan:

Strategy (The Relationship Between Business and Personal Needs)

Financial Needs ( "The Three Needs")

Insurance Funding (The “One Page, One Policy Strategy”)

Retirement Funding ("Voluntary Events")

1.4 The "One Page Strategy":

One Page Strategy

Asset Needs

Liability Needs

Personal Needs

Who Pays the Premiums?

Valuing the Business

Simplifying the Valuation Issue

Equity vs Loan Capital

1.5 The "One Policy Strategy":

One Policy Strategy

Flexibility

Dual Role of Personal Cover

Dual Role of Debt Reduction Cover

Security & Tax-Effectiveness

Cost Savings

Pre-Agreed Purchase Price

Hedge and Wedge Strategy

Apportionment of Premiums

Methods of Aggregation

"Business Family Will"

Changing Needs

Benefits

Choice of Trustee

Horses for Courses

1.6 The "Multiple Policy Approach":

Multiple Policy Approach

Hybrid Succession Strategy

Super Fund Ownership

Tax Disadvantages

Cost Disadvantages

Other Disadvantages

Geared Premium Funding

1.7 Super Buy/Sell:

Super Buy/Sell

1.8 The "One Page, Two Policy Strategy":

One Page, Two Policy Strategy

1.9 Valuation Issues

Valuing the Business

Simplifying the Valuation Issue

Equity vs Loan Capital

Hedge and Wedge Strategy

Vendor Finance

1.10 Tax Deductibility:

Tax Deductibility

1.11 Inadequate Insurance Proceeds:

Inadequate Insurance Proceeds

Vendor Finance

1.12 Changing Needs:

Changing Needs

Future Growth of Equity

Hedge and Wedge Strategy

1.13 Trauma Issues:

Trauma Buy/Sell Strategy

Trauma Cover in Super

1.14 Sole Proprietors, Family and Agri-Businesses:

Sole Proprietors and Families

Overview

Family Ownership

Sale Strategies

Third Party Buy/Sell Strategies

Estate Equalisation Strategies

Family Buy/Sell Strategies

Second Generation Strategies

Debt Reduction Strategies

 

2. Taxation Implications of Policy Ownership

This Section focuses on the taxation of Insurance Proceeds and the implications for different methods of Policy Ownership.

2.1 Overview:

Taxation Implications of Policy Ownership

Income Tax

Capital Gains Tax

Duty to Give Tax Advice

Original Beneficial Ownership

2.2 CGT Implications of Policy Ownership:

CGT Exemptions for Insurance

Death Benefits

Non-Death Benefits

Terminal Illness

Trauma Cover in Super

2.3 Different Types of Policy Ownership:

Ownership Implications

Cross Ownership

Self Ownership

Trust Ownership

Super Buy/Sell

Trauma Cover in Super

2.4 Ownership Implications for Buy/Sell Cover:

Implications for Buy/Sell Cover

Cross Ownership

Self Ownership

Related Party Vendors

Deemed Dividends under Self-Owned Buy/Sell Arrangements

Risks If No Agreement

Tax Treatment of Self-Ownership Agreements

Trust Ownership

Super Buy/Sell

Trauma Cover in Super

Origins of Self-Ownership

Hybrid Succession Strategy

Original Beneficial Ownership

2.5 Ownership Implications for Debt Reduction Cover:

Implications for Debt Reduction Cover

Cross Ownership

Self Ownership

Trust Ownership

Bank Ownership

2.6 Implications for Subsequent Distributions of Insurance Proceeds:

Implications for Promises to Distribute Insurance Proceeds to Third Parties

2.7 Commercial Debt Forgiveness Implications:

Commercial Debt Forgiveness

Cross Ownership

Self Ownership

Trust Ownership

2.8 Super Fund Ownership of Insurance Cover:

Super Fund Ownership

Tax Disadvantages

Cost Disadvantages

Other Disadvantages

Geared Premium Funding

Trauma Cover in Super

2.9 Alternative Methods of Aggregating Different Cover onto One Policy:

Methods of Aggregation

Hybrid Succession Strategy

 

3. Business Succession Agreements

This Section focuses on the different types of Business Succession Agreement that address the commercial and tax issues involved in Business Succession Planning.

3.1 Overview:

Business Succession Agreements

3.2 Different Types of Business Succession Agreement:

Types of Agreement

Cross Ownership

Self Ownership

Related Party Vendors

Deemed Dividends under Self-Owned Buy/Sell Arrangements

Risks If No Agreement

Trust Ownership

Horses for Courses

Original Beneficial Ownership

Simultaneous Deaths

Mutual Will Strategies

 

3.3 Benefits of Trust Agreement:

Tax Implications

"Business Family Will"

Changing Needs

Benefits

Choice of Trustee

Super Buy/Sell

Horses for Courses

3.4 Drafting of the Trigger Events:

Put Options

Call Options

Put and Call Options

Conditions Precedent

Put and Call Options vs. Conditions Precedent

Simultaneous Deaths

3.5 Pre-Agreement of the Purchase Price or Valuation after Trigger Event:

Pre-Agreed Purchase Price

Hedge and Wedge Strategy

Vendor Finance

3.6 Legal Strategies for Inadequate Insurance:

Inadequate Insurance Proceeds

Vendor Finance

3.7 Legal Strategies for Trauma Buy/Sell Arrangements:

Trauma Buy/Sell Strategy

3.8 Debt Reduction Agreements:

Debt Reduction Agreement

3.9 When Drafting of Agreement Needs to Start:

Original Beneficial Ownership

 

 

4. IGS Legal Fees

This Section sets out and explains the Legal Fees for IGS Documentation and Services.

4.1 Fixed Legal Fee Policy:

Fixed Legal Fees

Legal Fee Policy

Concessional Legal Fees

Reduced Legal Fees

4.2 When Drafting of Agreement Needs to Start:

Original Beneficial Ownership

4.3 Fact-Finding Fees:

Additional Fact-Finding Fees

4.4 Variations of Draft Agreements:

Variations of Draft Agreement

4.5 Initial Agreements Generally:

Initial Agreements

Content of all Agreements

Current Legal Fees

Inadequate Insurance Proceeds

Trauma Buy/Sell Strategy

Horses for Courses

Original Beneficial Ownership

4.6 Fees with respect to Alternative Agreements:

Alternative Business Agreements

BITA

Hybrid BITA

Self-Owned BSA

Horses for Courses

Proprietors Agreement

4.7 Debt Reduction Agreements:

Debt Reduction Agreement

4.8 Variation Agreements:

Variation Agreements

4.9 Meetings and Advice:

Meetings and Advice

Duty to Give Tax Advice

4.10 Cost Savings Resulting from One Page, One Policy Succession Plan:

Cost Savings

 

5. Adviser Support System

This Section sets out and explains the types of marketing and technical support IGS provides to Advisers.

5.1 Overview:

Adviser Support

Regular Marketing Trips

How the System Works

Free Teleconference

5.2 Alternative Licences:

Alternative Licences

Documentation Licence

Gold Licence

Platinum Licence

5.3 Training:

Training

Questions to Ask Clients

5.4 Fact-Finding:

Fact-Finding

Duty to Give Tax Advice

5.5 Adviser and Client Feedback:

Feedback

Free Teleconference

5.6 Adviser Tips:

Adviser Tips

5.7 Adviser Updates:

Adviser Updates

5.8 Marketing Schedule:

Marketing Schedule

 

6.Publications and Updates

This Section is a guide to Adviser Tips, Updates, Marketing and Technical Publications and Documents used on the Complete Succession Website.

6.1 Adviser Tips:

Adviser Tips

6.2 Adviser Updates:

Adviser Updates

6.3 Publications, Documents and Updates:

Publications and Updates

6.4 Individual Updates (in reverse chronological order)

Prioritising Needs

Simultaneous Deaths

Mutual Will Strategies

Joe Hockey on the Taxation of Trusts

Tax Treatment of Self-Ownership Agreements

Vested and Indefeasible Interest

Gross or Net Value of Business?

Henry Report

Deemed Dividends under Self-Owned Buy/Sell Arrangements

ATO's Views on Super Buy/Sell Cover

Bamford in the High Court

Trauma Cover in Super

Origins of Self-Ownership

Fact-Finding

Methods of Aggregation

Valuing the Business

Duty to Give Tax Advice

Equity vs Loan Capital

Horses for Courses

Commercial Debt Forgiveness

Choice of Trustee

Simplifying the Valuation Issue

Hybrid Succession Strategy

Hedge and Wedge Strategy

Sole Proprietors and Families

Free Teleconference

Simple or Complete Succession?

Contemporaneous Agreement

Geared Premium Funding

Super Fund Ownership

Business Family Will

 

 

7. Profile

Profile

 

8. Contact

Contact

 

9. Links

Links

 

10. Glossary

This Section contains a glossary of words used in Business Succession Planning and on the Complete Succession Website.

Glossary

 

11. Search This Site

Search This Site

Site Map

 

 

Copyright: Ian Gray Solicitor

 

 

Adviser Tip

The One Page Strategy is designed to help you simplify Succession Planning.

It helps you understand your needs, it helps you quantify them, it helps you cost them, and it helps you prioritise them.

See more Adviser Tips


Current Marketing Schedule

Current Marketing Schedule

Ian Gray travels to most capital cities regularly thoughout the year and is available for Meetings.

Please click here to see his availability in Brisbane, Sydney, Melbourne, Adelaide and Perth.

Please contact us to arrange an appointment or teleconference.