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.

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Best ways to structure for your investment and business in Australia | 找尋最佳澳洲投資及商業架構

Tax Residency & Capital Gain Tax | 澳洲稅務居民資產增值稅

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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.

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Chris brings a diverse background in accounting, advisory and financial services which allows him to provide family wide holistic solutions for collaborative investment, asset allocation and structuring for complex family groups.

Chris’ clients value how reliable and dependable he is in delivering work for them. Chris takes the time to build trust and confidence with his clients so that he can tailor his service delivery to suit each individual client. As a result of adapting to his client’s preferences and always putting them first, Chris was nominated as a finalist in the beaton Client Choice Awards for Best Accountant.

Career highlights:

• Developing simple and complex financial strategies to help clients achieve their goals
• Providing advice on both managing and growing family wealth to investors small and large
• Helping SME clients develop strategies to transition business wealth to personal wealth and also transitioning that wealth between generations.

Chris is a Partner of SW Audit and a Director of SW Accountants & Advisors Pty Ltd.

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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

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His clients range from across the professional services, funds management, manufacturing, not-for-profit, property, shipping and transport sectors. He additionally:

• Has a thorough knowledge of taxation practice relating to trusts and private groups, including expertise on Division 7A assessments and has acted as an expert witness in relation to these matters
• Authors the Company Directors’ Manual, recommended by the Australian Institute of Company Directors and updated twice per year

Stephen is a director of a number of private client companies and is experienced in managing significant property assets.

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Matthew has built a successful career in providing business and tax advice to high net wealth family group and leads our Family Office team. Matthew is passionate about philanthropic activities and works with his clients to assist them manage the financial and governance aspects of their grant making.

He also leads our Corporate Social Responsibility Committee, Co2. which engages with our staff, local communities and the wider world including our environment to have a positive impact.

Matthew’s experience includes:

• Managing tax and accounting requirement for clients
• Connecting his clients with a broad range of professionals who add value to their business interests, including stockbrokers and property agents
• Working closely with our Wealth Management team to enable a full service offering for our high net wealth families
• Holding directorships, trusteeships and secretarial positions in private companies and not-for-profits
• Succession and estate planning.

Matthew is a Partner of SW Audit and a Director of SW Accountants & Advisors Pty Ltd.

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He works with a broad spectrum of clients from small individuals to large private family groups to advise on cash flow, debt structuring, personal protection and retirement planning for individuals through to asset allocation, portfolio construction and investment selection for investors small and large.

Daniel provides clients with comprehensive financial services to get their entire financial house in order and keep it that way forever.

Daniel’s experience includes:

• Developing simple and complex financial strategies to help clients achieve their goals
• Providing investment and asset allocation advice to investors small and large
• Working with Trustees of Superannuation Funds on Regulatory Compliance matters
• Helping SME clients develop strategies to transition business wealth to personal wealth
• Acting as Executor/Trustee/RP for Estate’s and PAF’s
• Advising institutions on policy, asset allocation and investments

ShineWing Australia Wealth Pty Ltd trading as SW Wealth

Australian Financial Services Licence No 236556

Level 10, 530 Collins Street, Melbourne VIC 3000 Australia

Daniel is a Partner of SW Audit and a Director of SW Accountants & Advisors Pty Ltd.

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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.

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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

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