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Diversity, diversity in family business, Grant Thornton , governance in family business, business governance
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.
The cap on the amount of superannuation benefits that can be transferred into retirement pension phase (known as the Transfer Balance Cap) having been recently increased by indexation to $1.9m from 1 July 2023 and all Self-Managed Superannuation Funds (SMSF) with members in the retirement phase will be required to report certain events that affect their members’ Transfer Balance Accounts (TBA) on a quarterly basis from 1 July 2023.
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?
Inflation can create tough situations for family businesses, with increased costs and pricing dilemmas. It's important for family businesses to have strategies in place to tackle these challenges, allowing them to thrive.
As a Trustee (the person who manages the fund) you have many obligations you must adhere to once your self-managed super fund (SMSF) is setup.
At Grant Thornton, we offer a National Superannuation team to support you and your family with the accumulation phase right through to retirement.
When it comes to family governance, we often recommend introducing a formal family governance structure while the second generation is being transitioned into the business.
In a family business, it is crucial to have a shareholder agreement to ensure there is consensus on key issues, to provide clarity, and to minimise the risk of conflict between family members – before issues arise.
When you’re a family business, the lines between business and family can become blurred. For some family businesses in operation for multiple generations, this is even more apparent as the family business may be all they’ve ever known.
