We work seamlessly with Executors, Court Appointed Administrators and their legal representatives to ensure every aspect of the estate’s tax obligations is handled with precision. This includes the preparation and lodgement of all required returns, accurate declaration of income, application of deductions, and the identification, quantification and reporting of capital gains tax events.

Deceased Estates often involve intricate tax considerations and strict compliance requirements. We provide clear, strategic advice and practical support in areas such as:

• Lodging the Final Tax Return for the Deceased and any outstanding prior year returns
• Preparing and lodging Deceased Estate and Testamentary Trust Tax Returns as required
• Preparing Financial Accounts for Deceased Estates or Testamentary Trusts where necessary
• Providing clear, accurate beneficiary statements to ensure distributions are correctly included in beneficiaries’ personal returns
• Delivering Capital Gains Tax advice, including guidance on asset treatment and applicable time limits
• Liaising with the ATO to confirm the deceased’s outstanding tax position prior to finalising the estate
• Assisting with ongoing compliance or wind-up matters for private companies, trusts and SMSFs forming part of the deceased group
• Preparing private binding ruling applications, for example, seeking the Commissioner’s discretion to extend the two-year period for disposal of a principal place of residence
• Managing voluntary disclosures, including complex ATO liaison to obtain tax histories and reach timely, appropriate outcomes for estate finalisation
• Establishing and managing Testamentary Charitable Trusts, including compliance with Australian Charities and Not-for-profits Commission (ACNC) requirements
• Preparation and lodgement of a Foreign Resident Capital Gains Withholding certificate for a foreign Executor, where the Deceased’s main residence has been sold.

Key contacts

Heather Dyke

hdyke@sw-au.com

Deceased Estate Consulting

Taylah Cooke

tcooke@sw-au.com

Deceased Estate Consulting

The post Deceased Estates appeared first on SW Accountants & Advisors.

In an era defined by a diverse generational landscape, the significance of preparing the financial legacy for future generations cannot be overstated. From Builders to Gen Alpha, it’s crucial to adapt financial planning strategies for differing generational needs and the generational wealth transfer.

Empowering conversations: Unlocking the future with family discussions

Wealth transfer is no longer an exclusive concern for the wealthy; it’s an issue that resonates with families across all socioeconomic backgrounds and it is projected that there is a $3 trillion wealth transfer that will occur in the coming two decades.
Individuals and families of all generations must proactively engage in open conversations about their financial legacies to ensure the preservation of wealth and empower future generations with sound financial management skills. Anyone with wealth or assets to pass on to the next generation is impacted. Without action, families risk losing their wealth by the second or third generation, as poor wealth transfer practices have historically been common.

Understanding your family’s wealth structure

To address the challenges of wealth transfer in a diverse generational landscape, it is important to consider business and investment structures. It is important to ensure the structures in place can be utilised inter-generationally.

For family groups that include discretionary family trusts, it is important that trust deeds and vesting dates allow for intergenerational transfers. As trusts became popular in the 1960s, the 80 year vesting dates are fast approaching. There could also be situations where vesting dates may have been less than the maximum 80 year period. In addition, consideration needs to be taken regarding transfer of the Appointor role in the Trust (the position that is the ultimate controller of the Trust) and Family Trust Elections and the Test Individual used for tax purposes. This could limit the potential beneficiaries for tax purposes (trusts in South Australia can operate in perpetuity and are not limited to a maximum life of 80 years).

Other matters for consideration are who are the controllers of family structures, for example:

• who has control of a company?
  • directors
  • shareholders voting rights
  • trustees of trusts and SMSFs
• who has control of a trust?
  • the Appointor
  • the Trustee (individual and/or company)

Any of these factors above can affect the control of a family structure and allocation of wealth.

How SW can help

Each family’s circumstances are unique, warranting personalised advice tailored to their specific needs. Relying solely on general information found online is not recommended. It is important to take the time to speak to qualified professionals. SW also encourages families to sit down together and discuss their financial legacies. Advisors can provide support and guidance for these important conversations, empowering families to secure their financial legacy for the benefit of future generations.

Over the past 30 years SW have provided estate and wealth management advice to a variety of clients, from private families and businesses to small investors, all the way through to complex advice, structures and strategies for Ultra High Net Worth clients.

Should you have any queries in relation to generational wealth, please reach out to your SW contact or Key Contacts listed on this page.

The post Securing your family’s financial future – Now is the time for open conversations appeared first on SW Accountants & Advisors.

Join our experts from SW and Dawes & Vary Riordan Lawyers as we discover the legalities and different aspects of Estate Planning to ensure you have a solid background before we look at the variations, and pitfalls of creating a Will and how to avoid conflict in the family by balancing assets, in session two.

Series details

1 Estate Planning 101: Tuesday 8 November 2022

• Overview of Wills and Power of Attorney for financial, legal, personal and medical decisions
• How to structure business enterprises to allow a smooth succession for the next generation
• Water/farming assets and ownership structure
• Taxation treatment of testamentary trusts income
• Capital Gains Tax (CGT) consequences when assets pass to beneficiaries
• What happens to your superannuation.

2 How to avoid conflicts over your farm: Tuesday 15 November 2022

• Challenging a Will
• Breakdown of family relationships and divorce
• Promissory estoppel
• Constructive trusts
• Balancing assets between children who are (and are not) involved in the family business
• How to transfer land and assets to the next generation.

Series experts

Jessica Moyle
Associate 
Dawes & Vary Riordan Lawyers

Matthew Oakey
Director
SW 

Contact us

If you have any queries or would like more information, please contact the Marketing team via marketing@sw-au.com.

The post Agribusiness Estate Planning & Power of Attorney webinar series appeared first on SW Accountants & Advisors.

• our long term view
• forming a partnership with our client
• engaging with complimentary services and advisors to provide the best advice for the client.

Our range of advisory and services include:

• annual, management & Statutory accounts
• asset management and investments
• banking
• bookkeeping and cashflow management
• establishing borrowings and lending through our Australian Credit Licence
• estate and succession planning
• mail and payroll services
• personal and specialist taxes and compliance
• philanthropic management
• property management
• secretarial and administration services.
• Share Registry and corporate secretarial services
• tax and corporate compliance
• Trust establishment and trusteeship.

For a full overview of our capabilities visit our dedicated Family Office website.

Our Migration section provides further information on our family office services to those with migration visas, including Significant Investor Visas.

The post Family office services appeared first on SW Accountants & Advisors.

Holding our own Australian Financial Services Licence (AFSL), we have access to all products available on the market for which we receive research, conduct our own research or in many circumstances, both. Read more in our Financial Services Guide.

Daniel Minihan is an Authorised Representative of ShineWing Australia Wealth Pty Ltd trading as SW Wealth.

Australian Financial Services and Credit Licence No 236556

Level 10, 530 Collins Street, Melbourne VIC 3000 Australia

Wealth Privacy Policy

Wealth Compliant Policy

The post Wealth management appeared first on SW Accountants & Advisors.

Over the years Colin has worked on a broad range of clients assisting with strategic and structuring advice, commercial property management, family office requirements and meeting clients day to day accounting and taxation needs.

His open and direct working style, including an ability to think outside the square has enabled Colin to develop strong and trusted relationships with a portfolio of loyal clients.

Colin’s experience includes:

• Accounting, bookkeeping and taxation services to Australian subsidiaries of overseas head entities.
• Representing clients in dealing with the Australian Taxation Office in relation to tax matters in Australia
• Coordinating due diligence on Australian business and property acquisitions by overseas investors
• Advising on business and tax structures for overseas investors.

The post Colin Stewart appeared first on SW Accountants & Advisors.

Each session will focus on topics that are of particular importance when putting a strategy in place to deal with your assets and investments when you pass away.

You are welcome to share this page with anyone who might be interested in attending.

Webinar 1 (24 August 2021): 101 Estate Planning

Discover the legalities and different aspects of Estate Planning to ensure you have a solid background before we look at the variations and pitfalls of creating a Will in the world of the modern family, in session two.

Experts from SW and Burke & Associate Lawyers discussed:

• Choosing your Legal Personal Representative
• What assets are part of your Estate?
• Non-estate assets and how to deal with them
• Overseas assets – do you require multiply wills for different jurisdictions?
• Beneficiaries with special needs
• Nominating beneficiaries and superannuation – The recent case of Ashleigh Petrie and Magistrate Rodney Higgins
• Testamentary Trusts
• Case study – celebrity Will disaster.

Webinar 2 (14 September 2021): The modern family and the challenge to your Will

Discover the variations and pitfalls of creating a Will in the world of the modern family before we look different aspects of a Power of Attorney and how they operate, in session three.

• Blended families
• Strategies to minimise risks of challenges to Will
• Business succession
• SMSF – Business real property leasing to related party
• Guardianship of children
• Establishing a charitable trust
• Online presence
• Case study – Joss v Joss: The successful $3.225 million challenge.

Webinar 3 (12 October 2021): Powers of Attorney

To wrap up this webinar series, our expert speakers discovered the different aspects of a Power of Attorney (POA) and how they operate.

• Current POA under Victorian Law and what jurisdictions are they legally enforceable
• What are the obligations of the POA and how should it be carried out?
• How to handle discretionary support for family members
• Things to do before POA implemented
• What happens if you do not nominate an enduring power of attorney?
• POA’s and SMSF – general v enduring; early release of super
• Advanced Healthcare Directives
• VCAT applications
• Case study – gifts and payments to family members.

Click here to find out more about our upcoming and past events.

Series speakers

Matthew Oakey Director, SW	Rohani Bixler Special Counsel, Burke & Associates Lawyers
Heather Dyke Associate Director, SW	Keegan O’Rourke Senior Advisor, SW

Contact us

If you have any queries or would like more information, please contact the Marketing team via marketing@sw-au.com.

The post Estate Planning & Power of Attorney webinar series appeared first on SW Accountants & Advisors.

Over your lifetime you will likely build up a range of assets and wealth. Upon your death, these will need to be distributed in accordance with your through an estate plan.

What is estate planning?

Estate planning is not just about having a Will, it’s about ensuring that the assets you control are transferred to your intended beneficiaries, in a tax effective manner.

Your Will only looks after assets in your personal name. Your estate plan considers assets that are in entities controlled by you, such as through companies and trusts and importantly, your superannuation.

As accountants and business advisors, we are in a unique position to understand where all your assets are held and who ultimately controls those entities. It is also important to understand how debts and liabilities are to be dealt with as some debts may be paid off, while others may transfer to your beneficiaries.

What should business owners’ consider?

For businesses owners’, part of your estate planning should ensure that you have a Buy/Sell Agreement in place with the other shareholders in the business and Buy/Sell insurance. This is important because some beneficiaries will not want to be involved in the business and wish to cash out of the investment as soon as practicable. Without this in place, the business may need to be sold to pay the estate.

Additionally, surviving shareholders will have an increased percentage shareholding and a Buy/Sell Agreement will ensure an unplanned shareholder will not be involved in the running of the business.

A practical and beneficial estate plan is a collaboration between you, your accountant, and your solicitor.

How can SW help?

SW is co-hosting a three-part webinar series on Estate Planning and Power of Attorneys with Burke & Associates Lawyers. Join us to learn more about how estate planning can assist you.

Contacts

Matthew Oakey

E moakey@sw-au.com

Heather Dyke

E hdyke@sw-au.com

Keegan O’Rourke

E korourke@sw-au.com

The post Estate Planning appeared first on SW Accountants & Advisors.