Last week, leading accounting firm KPMG recommended family trusts pay full capital gains tax (CGT), following new estimates showing lost revenue associated with the use of family trusts tops $1 billion per year.
Recent changes in government leadership have seen all aspects of tax reform and superannuation policy, back on the agenda. Understandably though, investors and those planning their financial future could be excused for feeling a bit exasperated.
With the new licensing arrangements taking effect on 1 July 2016, accountants should be aware of the major risks and concerns relating to the preparation process for the end of the accountant’s exemption.
Estate planning is front of mind for many of our clients, and I suspect for many high net worth Australians. Top concerns include how to adequately distribute estate assets and how to protect family wealth from being squandered or lost to non-family members.