Our latest insights

To ensure your assets will be protected should you become unable to make financial decisions due to an accident or bad health, we recommend your Estate Plan includes an Enduring Power of Attorney.

Generally, when we talk with family businesses about the next generation ‘taking over’ we break this down into two parts – management and ownership. Every business – like every family – is different and what this means in one family business may be completely different in another.

Wills, estates and the transfer of assets are hot topics as Australia approaches the largest intergenerational transition of wealth ever. Once a simple concept, the transition of wealth is now a maze of complex family arrangements and structures which work well to preserve assets for the next generation, however they can lead to a hefty serving of tax if not dealt with appropriately.

The deadline for existing Directors to apply for a Director Identification Numbers (DIN) is fast approaching. Existing Directors have until 30 November 2022 to obtain a Director ID. New Directors will need to apply for a DIN prior to being appointed as a Director.

The ATO has recently announced that they have now re-commenced issuing requests to release excess contributions and other charges for superannuation fund members who did not make an election on how they would like to treat their excess non-concessional contributions for prior financial years.

The Western Australian Government has recently handed down its 2022-23 State budget announcing a record $33.9 billion investment in infrastructure over the next four years. The significant investment in infrastructure will not only create a strong pipeline of future economic activity but will shape the way we live and move around the state.

With the end of the financial year less than a month away, now is an opportune time to review your business affairs as part of your year-end tax planning

In the past few years, we’ve seen increased focus from the Australian Tax Office (ATO) encouraging organisations to be transparent, demonstrate good corporate governance and have strong tax risk management frameworks in place. The ATO is now focusing on the tax governance of high-net-wealth privately owned groups – as part of their Top 500 and Next 5,000 programs.

Learn our five tips to any family member wishing to join the Family Office – and for the family wishing to appoint an official role

Builders undertaking projects in Queensland should ensure that they are compliant with two significant regulatory requirements that fall due over the New Year period: 1) The roll-out of the Project Trust Account regime to commercial projects; and 2) Annual Financial Reporting to QBCC demonstrating compliance with the Minimum Financial Requirements.

Extension to Self-Managed Superannuation Funds means more family members can benefit

Traditional gender roles have seeped through family business in societies across all cultures, and the right of succession belonging to the first born child is still customary. What is the impact of this on the performance and operation of family businesses, and what does this mean for the next generation of family business owners?