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The current economic environment is challenging for businesses trying to operate when budgets are tighter and profit margins are squeezed. Family businesses are uniquely positioned as they’re used to maintaining a long-term perspective, naturally fostering a transgenerational mindset through knowledge sharing, learning and investment in the business.

While Family business make up 70 per cent of the Australian economy, only 12 per cent makes it to the third generation. As the first and second generation work on and in the business, it’s crucial to try and keep it alive – to uphold the legacy and ensure the business thrives for future generations.

Some families spend a lifetime generating wealth and hope to financially set up future generations. However, when looking at Estate Planning, sometimes families only consider one generation at a time.

The results of the 2023 Family Business survey report identified top concerns for Australian family businesses in the current environment.

If you have sold or are looking to sell your business, there may be significant Capital Gains Tax (‘CGT’) on the capital gain. However, if you are a family or privately-owned business owner, you may be able to reduce your CGT through the small business CGT concessions (‘SBCGT Concessions’).

The new superannuation contribution caps introduced from 1 July 2024 have provided the opportune time for taxpayers to strategise on how they can maximise their superannuation.

Often a family business starts with Mum and Dad and family governance isn’t an issue as both parents want the best for their children, and their values and vision for the future are aligned.

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In recent years Division 7A interest rates have remained low, providing businesses with the opportunity to withdraw funds from their company and diversify their investments.

As we enter the New Financial Year, it should be seen as an opportunity for you to consider family wealth goals in your Family Office for 2024. How can you structure your investments to ensure it is tax effective, assets are protected, and your goals can be achieved?

While the TV series Succession has captured audiences with its dramatic storylines, themes explored through the show reflect what families can face when it comes to growing and maintaining wealth throughout the generations. So how can Family Offices be successful in growing wealth from generation to generation?

With just under four weeks until the End of Financial Year (EOFY), climbing interest rates and uncertainty ahead, what can family businesses do to be prepared?