{"id":17191,"date":"2026-10-20T03:26:59","date_gmt":"2026-10-19T16:26:59","guid":{"rendered":"https:\/\/chuatan.com.au\/accountants-family-business-ledger-succession\/"},"modified":"2026-10-20T11:27:01","modified_gmt":"2026-10-20T00:27:01","slug":"accountants-family-business-ledger-succession","status":"publish","type":"post","link":"https:\/\/chuatan.com.au\/en\/accountants-family-business-ledger-succession\/","title":{"rendered":"Family Business Accounts and Succession Planning: A Note for Accountants"},"content":{"rendered":"<div class=\"ct-article\" data-no-translation>\n<p><em>By Justin Chua, lawyer and mediator, Bachelor of Commerce (accounting)<\/em><\/p>\n<p>I trained in accounting before I studied law, and I have run businesses with their own profit and loss statements. Accountants and lawyers often look at the same family and see different things. You see the general ledger, the cash flow and the ratios. A lawyer often sees only the will and the deed. <a href=\"\/en\/estate-planning-victoria\/\">A good estate plan<\/a> needs both.<\/p>\n<h3>What the numbers tell an estate lawyer<\/h3>\n<ul>\n<li><strong>Loan accounts.<\/strong> A <a href=\"\/en\/accountants-deceased-client-estate\/\">founder&#8217;s loan account<\/a> in the family company may be one of the largest assets in the estate. Is it to be called up, forgiven, or left to one child? Each choice moves value between beneficiaries.<\/li>\n<li><strong>Unpaid present entitlements and Division 7A.<\/strong> Amounts owed between trusts, companies and family members carry tax consequences. A will that ignores them can create a tax bill, or a dispute, nobody expected.<\/li>\n<li><strong>Retained earnings and franking credits.<\/strong> These affect what the business is worth to each child, and how equalisation should be calculated.<\/li>\n<li><strong>Cash flow.<\/strong> Can the business afford to <a href=\"\/en\/sibling-estate-disputes\/\">buy out a sibling<\/a>, pay a widow&#8217;s income, or service a loan to equalise inheritances? If not, the plan is not real.<\/li>\n<li><strong>Ratios and covenants.<\/strong> A change of control on death can trigger a bank&#8217;s review or breach a covenant. The bank&#8217;s facility agreement is part of the estate plan.<\/li>\n<li><strong>Related-party transactions.<\/strong> Rent paid by the business to the founder&#8217;s property trust, salaries to family members, and personal expenses run through the company. All of these become questions after death.<\/li>\n<\/ul>\n<h3>Why it matters to your clients<\/h3>\n<p><a href=\"\/en\/family-business-renewal-succession\/\">A family business<\/a> is not just an asset. It is usually the family&#8217;s main source of income, its identity and its biggest risk. A corporate lawyer understands the company. A private client lawyer understands the family. The plan has to work for both, and it has to work in the accounts.<\/p>\n<h3>How we work with accountants<\/h3>\n<ul>\n<li>We read your financial statements and structure charts before we advise. We ask the questions an accountant would ask.<\/li>\n<li>We design the wills, trusts and <a href=\"\/en\/family-company-succession-founder-death\/\">succession arrangements<\/a> around the actual numbers, and test them with you.<\/li>\n<li>After a death, we work through the loan accounts, entitlements and final returns with you, so the estate and the structures are wound up in the right order.<\/li>\n<li>We speak with the family in English, Mandarin or Cantonese, and translate the numbers into decisions they understand.<\/li>\n<\/ul>\n<div class=\"ct-faq\">\n<h2>Frequently asked questions<\/h2>\n<h3>Why should an estate lawyer look at a family company&#8217;s accounts?<\/h3>\n<p>Because the numbers often decide whether an estate plan works. Loan accounts, unpaid present entitlements, retained earnings and cash flow affect what each child actually receives and whether the business can afford buy-outs or equalisation. A will drafted without looking at the financial statements can create a tax bill, or a dispute, that nobody expected.<\/p>\n<h3>What happens to a founder&#8217;s loan account when they die?<\/h3>\n<p>A founder&#8217;s loan account in the family company is generally an asset of their estate, and it may be one of the largest. The will or the executor must deal with whether it is called up, forgiven or left to a particular child. Each choice moves value between beneficiaries, so it should be planned with the accountant in advance.<\/p>\n<h3>Can a founder&#8217;s death affect the family company&#8217;s bank finance?<\/h3>\n<p>It can. A change of control on death can trigger a bank&#8217;s review or breach a covenant in the facility agreement. That is why the bank&#8217;s facility agreement should be treated as part of the estate plan, and the succession arrangements checked against it while the founder is still alive.<\/p>\n<h3>How should accountants and lawyers work together on family business succession?<\/h3>\n<p>The lawyer should read the financial statements and structure charts before advising, then design the wills, trusts and succession arrangements around the actual numbers and test them with the accountant. After a death, they work through loan accounts, entitlements and final returns together, so the estate and the structures are wound up in the right order.<\/p>\n<\/div>\n<p><em>Chua Tan Associates advises families, executors, trustees and their professional advisers on estate planning, estate administration and estate disputes, in Australia and across borders. To arrange a confidential consultation, please contact our Melbourne office on +61 3 9602 3988 or submit an <a href=\"#ct-enquiry\">enquiry<\/a>. Advice is available in English, Mandarin and Cantonese.<\/em><\/p>\n<p class=\"ct-byline\"><em>Justin Chua (\u8521\u667a\u52cb), lawyer and mediator, Chua Tan Associates, Melbourne. General information only, not legal advice. Victorian law unless stated otherwise.<\/em><\/p>\n<\/div>\n\n\n<div id=\"ct-enquiry\" class=\"ct-eq\" data-no-translation>\r\n<style>.ct-eq{background:#f4f1ea;border:1px solid #e3ddd0;border-radius:10px;padding:22px 24px;margin:32px 0;font-size:16px;line-height:1.6}.ct-eq h2,.ct-eq h3{margin:0 0 6px}.ct-eq p{margin:0 0 12px}.ct-eq form{display:grid;grid-template-columns:1fr 1fr;gap:12px}.ct-eq label{display:block;font-size:14px;font-weight:600;margin-bottom:4px}.ct-eq input,.ct-eq select,.ct-eq textarea{width:100%;box-sizing:border-box;padding:10px 12px;border:1px solid #cfc6b4;border-radius:6px;font-size:16px;background:#fff}.ct-eq .full{grid-column:1\/-1}.ct-eq button{background:#8a6a3b;color:#fff;border:0;border-radius:6px;padding:12px 22px;font-size:16px;cursor:pointer}.ct-eq .hp{position:absolute;left:-9999px}.ct-eq small{color:#5f5a50}.ct-eq .ok{background:#e7f3e8;border-left:4px solid #3c8d40;padding:12px 16px}.ct-eq .bad{background:#fbeaea;border-left:4px solid #b03a2e;padding:12px 16px}.ct-eq .ct-direct{display:flex;flex-wrap:wrap;gap:10px;margin-top:14px}.ct-eq .ct-direct a,.ct-eq .ct-direct button{background:#fff;color:#2b2b2b;border:1px solid #cfc6b4;padding:9px 14px;border-radius:6px;text-decoration:none;font-size:15px}@media(max-width:640px){.ct-eq form{grid-template-columns:1fr}}<\/style>\r\n<h3>Tell us about the estate<\/h3>\r\n<p>A short message is enough. We reply in English, Mandarin or Cantonese, and quote fees in writing before any work starts.<\/p>\r\n<form method=\"post\" action=\"https:\/\/chuatan.com.au\/wp-admin\/admin-post.php\">\r\n<input type=\"hidden\" name=\"action\" value=\"ct_estate_enquiry\">\r\n<input type=\"hidden\" name=\"ct_ts\" value=\"1792544140\">\r\n<input type=\"hidden\" name=\"ct_lang\" value=\"en\">\r\n<input type=\"hidden\" name=\"ct_page\" value=\"https:\/\/chuatan.com.au\/en\/accountants-family-business-ledger-succession\/\">\r\n<div class=\"hp\" aria-hidden=\"true\"><label>Website<input type=\"text\" name=\"ct_website\" tabindex=\"-1\" autocomplete=\"off\"><\/label><\/div>\r\n<div><label for=\"ct_name\">Your name *<\/label><input id=\"ct_name\" name=\"ct_name\" required maxlength=\"120\"><\/div>\r\n<div><label for=\"ct_email\">Email<\/label><input id=\"ct_email\" name=\"ct_email\" type=\"email\" maxlength=\"160\"><\/div>\r\n<div><label for=\"ct_phone\">Phone, WeChat or WhatsApp<\/label><input id=\"ct_phone\" name=\"ct_phone\" maxlength=\"80\"><\/div>\r\n<div><label for=\"ct_language\">Preferred language<\/label><select id=\"ct_language\" name=\"ct_language\"><option>English<\/option><option>Mandarin<\/option><option>Cantonese<\/option><\/select><\/div>\r\n<div><label for=\"ct_type\">What do you need help with?<\/label><select id=\"ct_type\" name=\"ct_type\"><option value=\"\">Please choose<\/option><option>Someone has died and there is a Will<\/option><option>Someone has died and there is no Will<\/option><option>Someone has died and I am not sure if there is a Will<\/option><option>Making or updating a Will or estate plan<\/option><option>Executor or trustee question<\/option><option>A dispute about an estate<\/option><option>Other<\/option><\/select><\/div>\r\n<div><label for=\"ct_state\">Where are the assets?<\/label><select id=\"ct_state\" name=\"ct_state\"><option value=\"\">Please choose<\/option><option>Victoria<\/option><option>New South Wales<\/option><option>Queensland<\/option><option>Western Australia<\/option><option>South Australia<\/option><option>Tasmania<\/option><option>ACT<\/option><option>Northern Territory<\/option><option>More than one state<\/option><option>Overseas as well<\/option><option>Not sure<\/option><\/select><\/div>\r\n<div class=\"full\"><label for=\"ct_time\">Best time to contact you (optional)<\/label><input id=\"ct_time\" name=\"ct_time\" maxlength=\"120\"><\/div>\r\n<div class=\"full\"><label for=\"ct_msg\">Brief details (optional)<\/label><textarea id=\"ct_msg\" name=\"ct_msg\" rows=\"4\" maxlength=\"3000\"><\/textarea><\/div>\r\n<div class=\"full\"><button type=\"submit\">Send enquiry<\/button><br><small>We use your details only to respond to your enquiry. Sending this form does not create a lawyer\u2013client relationship. <a href=\"\/privacy-policy\/\">Privacy<\/a><\/small><\/div>\r\n<\/form>\r\n<div class=\"ct-direct\"><strong style=\"width:100%\">Or contact us directly<\/strong>\r\n<a href=\"tel:+61396023988\">Call +61 3 9602 3988<\/a>\r\n<a href=\"mailto:chuatan@tpg.com.au\">chuatan@tpg.com.au<\/a>\r\n<a href=\"https:\/\/wa.me\/61490369102\" target=\"_blank\" rel=\"noopener\">WhatsApp +61 490 369 102<\/a>\r\n<button type=\"button\" class=\"ct-wechat\" data-msg=\"WeChat ID copied\">WeChat: chuatan262<\/button>\r\n<\/div>\r\n<\/div>\r\n\t\n\n<div class=\"ct-guides\" data-no-translation><style>.ct-guides{margin:28px 0}.ct-guides ul{display:grid;grid-template-columns:repeat(auto-fit,minmax(230px,1fr));gap:10px;list-style:none;padding:0;margin:10px 0 0}.ct-guides li{margin:0}.ct-guides a{display:block;padding:12px 14px;border:1px solid #e3ddd0;border-radius:6px;text-decoration:none;background:#fff;height:100%}<\/style><h3>Estate guides<\/h3><ul><li><a href=\"\/en\/do-i-need-probate\/\">Do I need probate? 2-minute check<\/a><\/li><li><a href=\"\/en\/what-to-do-when-someone-dies\/\">What to do when someone dies: 30-day checklist<\/a><\/li><li><a href=\"\/en\/letters-of-administration-victoria\/\">No Will? Letters of administration and who inherits<\/a><\/li><li><a href=\"\/en\/estate-planning-victoria\/\">Estate planning: Will, power of attorney, medical decisions<\/a><\/li><li><a href=\"\/en\/testamentary-trusts\/\">Testamentary trusts<\/a><\/li><li><a href=\"\/en\/superannuation-and-your-will\/\">Superannuation and your Will<\/a><\/li><li><a href=\"\/en\/executor-disputes\/\">Executor problems and disputes<\/a><\/li><li><a href=\"\/en\/professional-executor-trustee\/\">Professional executor &amp; trustee services<\/a><\/li><li><a href=\"\/en\/%E5%AE%A2%E6%88%B7%E8%AF%84%E4%BB%B7\/\">Client reviews<\/a><\/li><\/ul><\/div>","protected":false},"excerpt":{"rendered":"<p>An accountant-trained lawyer on loan accounts, UPEs, Division 7A, retained earnings, cash flow and covenants: why a family&#8217;s estate plan has to work in the accounts.<\/p>","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_yoast_wpseo_meta-robots-noindex":"","_wpcom_ai_launchpad_first_post":false,"_jetpack_hide_featured_image":false,"_jetpack_featured_image_duplicate_dismissed":0,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[25,106,19],"tags":[],"class_list":["post-17191","post","type-post","status-publish","format-standard","hentry","category-25","category-trusts","category-19"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.2 (Yoast SEO v28.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Family Business Accounts and Succession Planning: A Note for Accountants | Chua Tan Associates<\/title>\n<meta name=\"description\" content=\"An accountant-trained lawyer on loan accounts, UPEs, Division 7A, retained earnings, 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