Succession Planning

selling a business tax advice

Preparing Your Business for Sale:

Many business owners have built amazing businesses through many years of blood, sweat and tears. They have worked around the clock to build up a solid customer base and to continue to meet community needs. Whether you have built up an earthmoving company, a retail store or anything in between, there eventually comes a time when you will start to think about life after business. When should a business owner think about succession planning or potentially selling their business to a third party?

Generally, a business owner should consider these matters at least a few years before they wish to sell/transition. They may even have plans to sell just a small portion of equity in the business to key employees so that a passive stream of income can be retained into retirement. Family Trusts can be a great succession planning tool for family businesses which aims to keep control of the business assets under that same family group.

The tax consequences on any potential sale are a major consideration for the business owner. There are some very generous concessions available for small businesses, but we need to make sure that we cover all bases to ensure that we qualify for these. There are also options to mitigate the tax exposure by contributing money into superannuation – we always recommend seeking advice from your financial planner before making any decision to contribute or withdraw money from super.

The end goal of this is that the business owner can maximise the return for the business which they have worked so hard to build up over time. Often many sacrifices had to be made in order to grow the business to where it is, so it is important to ensure that the right plans are put in place prior to sale to get the best tax outcome. Our team at Byford Accountants have a vast amount of experience in helping businesses navigate through these complexities.

Feel free to give us a call today on (08) 9525 4000 to see how we can assist your business.

Contact Byford Accountants Today.

reliable accountants

A Brief History

Byford Accountants are not the new kids on the block. Take a look at this timeline to see how it all began and how the journey has continued to where it is today.

Read More »
Tax return Documents required

What Details Do I Need to Prepare For My Tax Return?

1. Payment Summaries/Group Certificates: These documents outline the income you’ve earned from your employer throughout the financial year.
2. Bank Statements: Gather statements from your bank accounts to track interest income, dividends, and any other financial transactions.

Read More »
Armadale WA

Accountants Near Armadale

Watch this entertaining little video about Armadale, WA and also view the beautiful photos of Armadale! Armadale has a growing number of large and small businesses, companies and organisations. Armadale has seen some rapid growth! Armadale is located about 30kms from Perth CBD and is known for its beautiful parks and rich cultural heritage (and a lot of cabinet makers!!).

Read More »
Whitby WA

Accountants Near Whitby

Situated within the Shire of Serpentine-Jarrahdale, Whitby offers a unique blend of rural charm and urban accessibility, creating a nice backdrop for families and small businesses to grow. With a population that has been steadily growing and currently stands at over 2,000 residents, Whitby exudes a sense of community and opportunity.

Read More »
Seville Grove WA Accounting

Accountants Near Seville Grove

The industries in Seville Grove paint a diverse canvas of economic activities, catering to the evolving needs and preferences of its residents and beyond. From retail and healthcare to construction and professional services and home-based businesses

Read More »