Grocery Store - Supermarket - Population Growth - Low Income Tax Offset - Assessment Task

Grocery Store - Supermarket - Population Growth - Low Income Tax Offset - Assessment Task

Assessment Task:

Part 1 

Alex and Fiona Wilson have approached you to seek your advice concerning their retirement planning and succession planning with a view to optimising their retirement income stream and the best way of passing on their assets to their children Edward and Tanya. Prepare a file note justifying your recommendations. This will be kept internal in your firm, so ensure that you consider alternatives, justify your advice based on retaining the ownership of the property and that Wilsons need to provide for increased cost of living in future. You may assume that this record will be read only by parties (lawyers/accountants) who are familiar with taxation law, so you may (and are required to) use legal terms where appropriate to convey meaning. Please note as this is a university assessment task you need to using referencing. The scenario to be addressed is given below.

Scenario to be addressed

Alex is 63 and Fiona is 60, their children are Edward 31, Tanya 24. Alex and Fiona live and own a grocery store, which is situated on a 10 Acre plot near Heddon Greta. They have been carrying on the business since the acquisition of the property. They also own their family home inherited from Alex’s parents in 1998. The local real estate agent has provided a market valuation for the grocery store at $1,000,000 and the home on a 2-acre land at $300,000. Alex and Fiona are considering retiring in near future and interested in passing on their properties to their children.

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