Description

This webinar considers a number of practical tax issues that arise with family-owned companies. These issues include structuring family-owned companies, paying remuneration and making distributions to owners, dealing with overdrawn current accounts and debt remission, restructuring family-owned companies, and liquidating family-owned companies. The application of COVID-19 tax relief to family-owned businesses will also be considered.

ORIGINAL BROADCAST DATE

15 October 2020

LEARNING OUTCOMES

You will:

• Understand the key differences between ordinary companies, qualifying companies and look-through companies.
• Know what COVID-19 tax relief measures are available to family-owned companies.
• Understand the rules relating to remuneration paid to owners and relatives of owners.
• Know when non-cash benefits will be subject to FBT, taxed as a dividend or can be made tax-free.
• Learn how to deal with overdrawn current accounts and restructuring debt owed by insolvent companies.
• Understand what tax issues arise when the ownership of a family-owned company changes or a family-owned company is restructured.
• Know when capital gains can be distributed tax-free on liquidation, including how to deal with “tainted capital gains”.

SUITED TO

Junior and intermediate accountants, and lawyers that advise clients on structuring and restructuring family-owned businesses.

PRESENTER

Stephen Tomlinson, Principal, Tomlinson Law