dr. sonja kerschbaum the austrian aspects of the transfer of clientele 13.febuary 2014 budapest
TRANSCRIPT
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Dr. Sonja Kerschbaum
The Austrian aspects of the transfer of clientele
13.Febuary 2014
BUDAPEST
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STRUCTURE
1.General requirements of transferring a clientele/contract design
2.Clientele assessment and pricing
3.Fiscal and financial impacts
4.Diversification and minimisation of risks
5.Contact details
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General requirements of transferring a clientele / contract design (1)
General requirements of transferring a clientele/contract design
Clientele assessment and pricing
Fiscal and financial impacts
Diversification and minimisation of risks
Contact persons
Locations
Contact details
¬ transfer by asset deal
¬ purchase of mostly intangible assets
¬ Contract design has to consider:
¬ Adequacy of transfer conditions, i.e. freelancers must not transfer the clientele on conditions that endanger their professional independency
¬ Handling the obligation to confidentiality, i.e. client data and even client names must not be revealed without clients’ permission
contract should be made anonymous regarding personal client data and focus on turnover, number of clients etc.
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General requirements of transferring a clientele / contract design (2)
¬ Transfer of office name?
¬ Transfer of half done worksas far as works are done, but not yet invoiced, the corresponding
claim should remain with the transferorhalf done works need to be taken on by the purchaser; it therefore is
necessary to add a detailed list of started works including a declaration of completeness
¬ Competition clauseprohibition of new establishment or client protection clauses have to
be sensibly restricted regarding subject, regional and temporal extension (2 years should be uncontroversial)
¬ Payment arrangementsusually deposit on transfer date and unpaid balance within one year after transfer date
General requirements of transferring a clientele/contract design
Clientele assessment and pricing
Fiscal and financial impacts
Diversification and minimisation of risks
Contact persons
Locations
Contact details
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General requirements of transferring a clientele / contract design (3)
¬ If so, indication of a target turnover
¬ Transfer of contractual relationships under the law of obligations transfer itself is effected ipso jure and cannot be waived (e.g.
employees) for the sake of clarification the contract should list up all contractual
relationships taken in by the purchaser (e.g. rental agreements, risk: higher rent)
transfer of mandates needs to be effected by the contract it therefore is mandatory that the clients declare to be willing to be
serviced by the transferee henceforward
¬ Arbitration clauseappeal at competent trade association (e.g. chamber of tax
consultants) in case of controversies should intermediation fail, an arbitral court can be appealed at
instead of ordinary courts
General requirements of transferring a clientele/contract design
Clientele assessment and pricing
Fiscal and financial impacts
Diversification and minimisation of risks
Contact persons
Locations
Contact details
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General requirements of transferring a clientele/ contract design (4)
General requirements of transferring a clientele/contract design
Clientele assessment and pricing
Fiscal and financial impacts
Diversification and minimisation of risks
Contact persons
Locations
Contact details
¬ statutory liability provisions to be considered
¬ § 38 UGB (Business Entrepreneurs Act)
¬ § 1409 ABGB (Austrian Civil Code)
¬ § 14 BAO (Federal Fiscal Code)
¬ § 67 ASVG (General Social Insurance Act)
¬ § 6 AVRAG (Employment Law Harmonization Act)
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Clientele assessment and pricing (1)General requirements of transferring a clientele/contract design
Clientele assessment and pricing
Fiscal and financial impacts
Diversification and minimisation of risks
Contact persons
Locations
Contact details
¬ value of freelancer’s office in general is comprised of 1. net asset value and2. Goodwill
¬ net asset value is easy to assess: material assets such as office equipment, outstanding debts or specific commitments of the transferor Valuation of net assets at current market value
¬ goodwill embodies profit prospects excelling the net asset value primarily resulting from the clients’ confidence in competence and capability of the freelancer Net asset value approach is inappropriate Relevancy of many factors depending from the individual case Most relevant factor is “fair value” of the clientele, i.e. its objectively
imputed value Assessment of fair value by estimating net present value of future
profits achievable from the clientele using the transaction value approach
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Clientele assessment and pricing (2)General requirements of transferring a clientele/contract design
Clientele assessment and pricing
Fiscal and financial impacts
Diversification and minimisation of risks
Contact persons
Locations
Contact details
Decisive parameter: annual percentage sales that can be allotted to the clientele to be assessed
¬ Step 1
¬ determination of average net annual sales of the last three years (the most current year should be assessed twice)
¬ deduction of extraordinary earnings (i.e. earnings being connected with the person of the previous proprietor)
¬ Step 2
¬ multiplication of these average net annual sales with a multiplier factor in order to assess the goodwill in the strictest sense
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Clientele assessment and pricing (3)
¬ Multiplier factor can be ascertained by:
¬ Attractiveness of place of business
¬ Earning position/cost structure
¬ Current development of earnings
¬ Continuity of mandates
¬ Duration of existence of office
¬ Bad health/condition of transferring freelancer
¬ Extent of office initiated costs
¬ Potential of increasing fee level
¬ Growth of mandates/long-standing clientele
¬ Accessibility of new consultancy segments
¬ Mandatories´ structure (fair balance or dependence on major mandates?)
¬ Department portfolio of mandatory
¬ Competitive situation
¬ Degree of specialisation
General requirements of transferring a clientele/contract design
Clientele assessment and pricing
Fiscal and financial impacts
Diversification and minimisation of risks
Contact persons
Locations
Contact details
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Clientele assessment and pricing (4)
¬ Know how and turnover of employees
¬ Office’s reputation
¬ (in-)auspicious rental agreements
¬ State of technical appurtenance/office organisation
General requirements of transferring a clientele/contract design
Clientele assessment and pricing
Fiscal and financial impacts
Diversification and minimisation of risks
Contact persons
Locations
Contact details
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Clientele assessment and pricing (5)Ursprung und Ausgangspunkt der AIFM-Richtlinie/des AIFMG
Adressaten des Gesetzes
Wesentliche Inhalte
Umsetzung in anderen Ländern
EU-Pass
Bedeutung aus Investorensicht
Ansprechpartner
Standorte
Kontaktdaten
¬ Multiplier factors lie within the range of 50 and 130 per cent in connection with transfer of clientele
¬ A frequently used multiplier factor is 0.8 (respectively 1.0 to 2.0 as far as tax advisors’ or public auditors’ clienteles are acquired)
¬ Step 3
¬ diverse final steps in the calculation
¬ Consideration of attrition rate
¬ Deduction of virtual leasing rates for the rest of assets participating in the production process
¬ Deduction of accrued interest of value calculated that way over anticipated average life
¬ Addition of cash value of possible tax benefit
General requirements of transferring a clientele/contract design
Clientele assessment and pricing
Fiscal and financial impacts
Diversification and minimisation of risks
Contact persons
Locations
Contact details
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Clientele assessment and pricing (6)Ursprung und Ausgangspunkt der AIFM-Richtlinie/des AIFMG
Adressaten des Gesetzes
Wesentliche Inhalte
Umsetzung in anderen Ländern
EU-Pass
Bedeutung aus Investorensicht
Ansprechpartner
Standorte
Kontaktdaten
¬ Simplistic sample calculations:
¬ Example 1 (clientele of international law firm):
General requirements of transferring a clientele/contract design
Clientele assessment and pricing
Fiscal and financial impacts
Diversification and minimisation of risks
Contact persons
Locations
Contact details
last calendar year second to last calendar year
antepenultimate calendar year
Net annual turnover
€ 40,000,000.00 € 35,000,000.00 € 50,000,000.00
Less individual-related gratuities
----(hardly conceivable in international law
firms)
---- ----
Less freelancer-related gratuities
---- ---- ----
Interim result € 40,000,000.00 € 35,000,000.00 € 50,000,000.00
Annual weighting coefficient
2.0 1.0 1.0
€ 80,000,000.00 € 35,000,000.00 € 50,000,000.00
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Clientele assessment and pricing (7)Ursprung und Ausgangspunkt der AIFM-Richtlinie/des AIFMG
Adressaten des Gesetzes
Wesentliche Inhalte
Umsetzung in anderen Ländern
EU-Pass
Bedeutung aus Investorensicht
Ansprechpartner
Standorte
Kontaktdaten
¬ Simplistic sample calculations:
¬ Example 1 (clientele of international law firm):
General requirements of transferring a clientele/contract design
Clientele assessment and pricing
Fiscal and financial impacts
Diversification and minimisation of risks
Contact persons
Locations
Contact details
last calendar year second to last calendar year
antepenultimate calendar year
€ 80,000,000.00 € 35,000,000.00 € 50,000,000.00
divisor 4.0
Assessment base € 41,250,000.00
Multiplier factor (international law
firm can be assessed with
highest possible factor)
1.3
Clientele´s value € 53,625,000.00
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Clientele assessment and pricing (8)Ursprung und Ausgangspunkt der AIFM-Richtlinie/des AIFMG
Adressaten des Gesetzes
Wesentliche Inhalte
Umsetzung in anderen Ländern
EU-Pass
Bedeutung aus Investorensicht
Ansprechpartner
Standorte
Kontaktdaten
¬ Simplistic sample calculations:
¬ Example 2 (clientele of single lawyer):
General requirements of transferring a clientele/contract design
Clientele assessment and pricing
Fiscal and financial impacts
Diversification and minimisation of risks
Contact persons
Locations
Contact details
last calendar year second to last calendar year
antepenultimate calendar year
Net annual turnover
€ 50,000.00 € 60,000.00 € 65,000.00
Less individual-related gratuities
4,800.00 (compensation as member of district
council)
4,800.00 ----
Less freelancer-related gratuities
---- 10,000.00 (compensation as authorized expert)
----
Interim result € 45,200.00 € 45,200.00 € 65,000.00
Annual weighting coefficient
2.0 1.0 1.0
€ 90,400.00 € 45,200.00 € 65,000.00
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Clientele assessment and pricing (9)Ursprung und Ausgangspunkt der AIFM-Richtlinie/des AIFMG
Adressaten des Gesetzes
Wesentliche Inhalte
Umsetzung in anderen Ländern
EU-Pass
Bedeutung aus Investorensicht
Ansprechpartner
Standorte
Kontaktdaten
¬ Simplistic sample calculations:
¬ Example 2 (clientele of single lawyer):
General requirements of transferring a clientele/contract design
Clientele assessment and pricing
Fiscal and financial impacts
Diversification and minimisation of risks
Contact persons
Locations
Contact details
last calendar year second to last calendar year
antepenultimate calendar year
€ 90,400.00 € 45,200.00 € 65,000.00
divisor 4.0
Assessment base € 50,150.00
Multiplier factor (standard value)
0.8
Clientele´s value € 40,120.00
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General requirements of transferring a clientele/contract design
Clientele assessment and pricing
Fiscal and financial impacts
Diversification and minimisation of risks
Contact persons
Locations
Contact details
Fiscal and financial impacts (1)
1. Income tax
¬ Capital gain on disposal of clientele is not an compensation in the meanings of Art. 32 Austrian Income Tax Act (ITA)
¬ Capital gain on transfer of clientele is sale of business in the meaning of Art. 24 par. 1 No. 1 ITA due to the obmission of an essential business base
subject to income tax as capital gain from transfer
¬ Art. 24 ITA is also applicable, should not the whole clientele agree to the transfer to the purchaser; but if the transferor willfully reserves part of the clientele, it will not be a sale of business in the meaning of Art. 24 ITA
General income from trade and business, Art. 23 No. 1 ITA
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General requirements of transferring a clientele/contract design
Clientele assessment and pricing
Fiscal and financial impacts
Diversification and minimisation of risks
Contact persons
Locations
Contact details
Fiscal and financial impacts (2)
1. Income tax
¬ Should the clientele not embody the essential business base, Art. 24 ITA is not applicable as well
¬ Concerning freelancers, it is acknowledged that clientele embodies the sole essential business base
¬ Tax exemption, if capital gain on disposal less than EUR 7,300
¬ In case of amortisation of undisclosed reserves individual persons are allowed to depreciate them from acquisition and manufacture costs of capital assets produced or acquired in the respective business year
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General requirements of transferring a clientele/contract design
Clientele assessment and pricing
Fiscal and financial impacts
Diversification and minimisation of risks
Contact persons
Locations
Contact details
Fiscal and financial impacts (3)
2. VAT
¬ Clientele as part of the office’s value (“Praxiswert”) as uniform commodity
¬ Clientele can be transferred apart from the office´s value Is equated with the transfer of the clientele itself
¬ controversy:Does transfer of clientele represent
1. a delivery or2. any other performance?
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General requirements of transferring a clientele/contract design
Clientele assessment and pricing
Fiscal and financial impacts
Diversification and minimisation of risks
Contact persons
Locations
Contact details
Fiscal and financial impacts (4)
2. VAT
¬ In the matter “Swiss Re” the ECJ decided that transfer of life reinsurances is not a delivery in the meaning of the VAT law
¬ German financial administration reacted to this decision by amendment of VAT Application Decree in that transfer of immaterial assets generally represents “any other performance”
¬ Austrian financial administration still takes a different view, i.e. transfer of clientele as a delivery in the meaning of Art. 3 par. 1 Value Added Tax Act (VATT) with possibility of VAT exemption
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General requirements of transferring a clientele/contract design
Clientele assessment and pricing
Fiscal and financial impacts
Diversification and minimisation of risks
Contact persons
Locations
Contact details
Fiscal and financial impacts (5)
3. Reflection on balance sheets
¬ Clientele is an independent depreciable asset in the meaning of Art. 4 ITA as soon as the former proprietor does not participate in the purchased freelancer´s business any more
As long as he participates, the clientele is a non-depreciable asset, because value´s volatilisation as result of transfer does not occur in that case
¬ Transferee has to activate expenses for the purchase of clienteleAcquisition costs are to be allotted over the absorbed commodities in
proportion to the value of an asset as part of an enterprise following objective standards of valuation
As far as the acquisition costs excel the values of assets as part of an enterprise, this surplus has to be activated as derived office´s value
An original office´s value must not be activated!Derived office´s value embodies a kind of undisclosed reserve of the
office in total
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General requirements of transferring a clientele/contract design
Clientele assessment and pricing
Fiscal and financial impacts
Diversification and minimisation of risks
Contact persons
Locations
Contact details
Fiscal and financial impacts (6)
3. Reflection on balance sheets
¬ Depreciation:Due to quick value´s volatilisation after transfer of clientele a trienial
or at most a quinquennial useful economic life is generally thought fit for tax depreciation of acquired and depreciable office´s value
In case of a non-depreciable office´s value a depreciation over fifteen years is possible (Art. 8 par. 3 ITA)
In the commercial balance sheet depreciations have to be allotted in a scheduled manner over the expected useful lives
As far as the acquired clientele is part of the capital assets for more than six months of a business year, the total annual amount can be depreciated (failing this, the half)
In case of omission of an essential part of the clientele current-value depreciation is possible
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General requirements of transferring a clientele/contract design
Clientele assessment and pricing
Fiscal and financial impacts
Diversification and minimisation of risks
Contact persons
Locations
Contact details
Diversification and contractual minimisation of risks (1)
¬ risk 1: transferor’s default risk in case of deposit on transfer date and unpaid balance within one year after transfer date and transferee’s risk of lack of clientele’s maintaining value, i.e. transferred clientele is not as profitable as expected
¬ Risk takers: both parties
¬ Possible solutions: opening a notarial trust in order to place unpaid balance at once “melting clauses”, i.e. transferor temporarily accepts reduction of
purchase price depending on missing transfer of mandates being followed by failure to achieve target turnover
Price reduction/rescission clauses
¬ risk 2: deferred payment
¬ Risk taker: transferor
¬ Possible solutions: Risk insurances bank guarantees prohibitions on resale before total payment
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General requirements of transferring a clientele/contract design
Clientele assessment and pricing
Fiscal and financial impacts
Diversification and minimisation of risks
Contact persons
Locations
Contact details
Diversification and contractual minimisation of risks (2)
¬ risk 3: loss of confidence in case of failed transfer
¬ Risk specification: transferor has to inform clients in advance in order to gain their
approval of transferShould transfer fail afterwards, transferor was forced to rebuild trust
in his reliability
¬ Risk taker: transferor
¬ Possible solutions:
¬ Conclusion of transfer contract under the suspensive condition of clients’ granting consent
¬ Short-time joint-practicebackground: clients of joint-practices have to reckon with changes in
personnel, so their approval of transfer can be dispensed in that case
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General requirements of transferring a clientele/contract design
Clientele assessment and pricing
Fiscal and financial impacts
Diversification and minimisation of risks
Contact persons
Locations
Contact details
Diversification and contractual minimisation of risks (3)
¬ risk 4: continuation of liability
¬ Risk specification: professional having carried out the consultancy service giving rise to liability remains liable even after transfer of his clientele
¬ Risk taker: transferor
¬ Possible solution: indemnifying clause, i.e. transferee holds transferor harmless from any claims being on the ground of past misconduct
¬ “quid pro quo”: lower purchase price
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General requirements of transferring a clientele/contract design
Clientele assessment and pricing
Fiscal and financial impacts
Diversification and minimisation of risks
Contact persons
Locations
Contact details
Diversification and contractual minimisation of risks (4)
¬ risk 5: transferee’s original risks of liability
¬ Risk specification: In general, obligatory transition of liabilities existing in the moment
of transfer (Art. 1409 Austrian Civil Code) Liability for operational tax debts, as far as tax liability arose since
the beginning of the last business year before transfer of clientele Liability for unbalanced social security contributionsAssumption of rights and obligations as policyholder
¬ Risk taker: transferee
¬ Possible solution: contractual recording on possible tax arrears and if so, regress clauses
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General requirements of transferring a clientele/contract design
Clientele assessment and pricing
Fiscal and financial impacts
Diversification and minimisation of risks
Contact persons
Locations
Contact details
Diversification and contractual minimisation of risks (5)
SUMMARY:
¬The widest possible offsetting of diverse risks with an according pricing is a great challenge to contract design.
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General requirements of transferring a clientele/contract design
Clientele assessment and pricing
Fiscal and financial impacts
Diversification and minimisation of risks
Contact persons
Locations
Contact details
Contact persons
Dr. Sonja Kerschbaum
A 1030 WIEN, Am Heumarkt 7/19 T +43 1 718 00 35-557, F +43 1 718 00 35-828 E [email protected]
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T.M.JJJJ 28
AUSTRIA
Linz
Vienna
┐
┌
General requirements of transferring a clientele/contract design
Clientele assessment and pricing
Fiscal and financial impacts
Diversification and minimisation of risks
Contact persons
Locations
Contact details
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T.M.JJJJ 29
¬ Kerschbaum Partner Rechtsanwälte GmbHA 1030 WIEN, Am Heumarkt 7/19T +43 1 718 00 35 , F +43 1 718 00 35-828, E [email protected]
¬ Kerschbaum Partner Rechtsanwälte GmbH A 4040 LINZ, Ottensheimer Straße 36 T +43 732 73 03 69, F +43 732 73 03 69-816, E [email protected]
www.kpra.at
To ensure that the advice given is already coordinated between attorneys and tax advisers we cooperate with
General requirements of transferring a clientele/contract design
Clientele assessment and pricing
Fiscal and financial impacts
Diversification and minimisation of risks
Contact persons
Locations
Contact details
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I will be happy to answerall your questions!
THANK YOU VERY MUCH FOR YOUR ATTENTION!