Estate planning is a complex area which requires careful consideration of tax implications.
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Many issues that affect the distribution of assets to beneficiaries will need to be considered before an individual dies, to ensure undesirable tax consequences are avoided for both the individual and their potential beneficiaries. These include the timing on the transfer of the assets, potential gifts, transfer duties and the use of testamentary trusts.
While gifts can be made as a part of estate planning before an individual dies, remember that if the gift is an asset (e.g. property, crypto assets, shares, etc), CGT will apply at the time of the gift (and the donor may have insufficient funds to pay the tax).
Another consideration in terms of the timing of transfers (in particular, of property) is the transfer duty involved at the state or territory level. For example, in New South Wales, if property is received from a deceased estate in accordance with the terms of a will, the beneficiary will pay transfer duty at a concessional rate of $100. However, if the transfer occurs before an individual’s death or not in accordance with a will, normal rates of transfer duty will apply. In that scenario, it would be better to wait to transfer the property. The rules for each state and territory differ, so it’s important to check before making decisions.
Superannuation benefits are tax to non-dependent beneficiaries – taking pensions before death are tax effective, although introduce complications in managing cash flow.
For individuals looking to exert more control after their own death, or protection or flexibility for the family, a testamentary trust may be one way of providing a flexible and tax-efficient way to manage and distribute the assets of the estate to beneficiaries. Generally, the terms and conditions of the testamentary trust are outlined in the will of the deceased, including the appointment of trustees and beneficiaries and how the trust assets are to be managed and distributed. The trust itself comes into existence upon the death of the person making the will, and it is separate from the deceased estate for legal and tax purposes.
However, establishing and managing testamentary trusts can involve significant costs, and there is a requirement to carefully draft the trust deed, so it includes clear instructions for the establishment and operation of the testamentary trust, in order to avoid possible future disputes. There may also be ongoing legal, accounting and administrative expenses, making testamentary trusts a complex route to head down. Offsetting this are family flexibility, asset protection and tax savings, which can be significant.
The specific tax implications of estate planning can vary widely depending on individual circumstances and the state or territory in which an individual lived. This is a complex area where seeking professional advice tailored to the situation is crucial.
Representing over 40 years of experience, Henry has built his professional relationship upon advising private clients on their financial and taxation affairs. Henry is a trusted advisor to a number of private enterprises and family business owners, providing financial and tax directions at the family and corporate levels. He ensures that tax and financial governance requirements are managed without fuss. Henry is proud to lead a team with a diverse skillset that manages the balance of a smaller firm but with a strong commercial and practical approach to business and taxation matters.
He has worked in insolvency, taxation, audit and general business services over a number of years and his personal passion is in the area of business planning, superannuation planning and estate planning especially in respect of intergenerational wealth transfer.
Kevin Lau - Principal
Kevin is a Chartered Accountant and a Principal at APNL.
With over a decade of experience, he brings broad taxation expertise to the firm in the areas of compliance accounting, business advisory and tax consulting for Small Medium Enterprises (SME’s).
Kevin takes pride in offering a personalised approach to his clients. Recognising the unique challenges each business faces, he provides tailored strategies to navigate the intricate tax landscape, fostering growth and ensuring compliance.
His clients have benefited from his broad taxation expertise and commercial acumen including those in manufacturing, hospitality, advertising, property, healthcare, professional services and a range of other industries.
Kevin has a keen interest in the superannuation industry, assisting clients with their retirement and estate planning needs.
In his spare time Kevin enjoys playing soccer, snowboarding, travelling and spending time with family and friends.
Advisory
At APNL, we take pride in our extensive advisory capabilities designed to cater to businesses of all types and sizes. Our expertise encompasses a diverse range of services, including assisting with business structure selection, offering restructuring guidance, and providing valuable risk advice. Whether you are embarking on a new venture, seeking to acquire, enhance, expand, or divest your business, you can rely on APNL to offer comprehensive and personalized assistance. Our client-centric approach ensures that we delve into the intricacies of each situation, offering tailored solutions to meet your unique needs.
Contact us today to discuss how we can work together: 03 9654 2022 or email us at info@apnl.com.au
Business & Corporate Structuring
Our Business & Corporate Structuring service is designed to cater specifically to your needs, whether you're launching a new venture, expanding operations, or planning for succession. Our expert advisors are committed to tailoring the perfect solution for you and your business.
With a focus on fostering a mentoring relationship, our firm provides unwavering support to help business owners make informed decisions. By working closely with our experienced Advisors, we gain valuable insights into your business and objectives, allowing us to address challenges as they arise and strategize for improved operations and financial outcomes.
Our approach revolves around the following key principles:
Defining Clear Personal and Business Goals: We work collaboratively to establish well-defined goals for both you and your business, ensuring alignment and clarity.
Planning and Implementation: Together, we chart a path to achieve these objectives, meticulously planning and implementing actions to drive success.
Mentorship and Ongoing Support: Our dedicated team establishes a nurturing mentoring relationship with you, providing continuous support through regular contact and guidance.
At APNL, we work with businesses at various stages of the business life cycle, including start-ups and established enterprises, whether large or small. Our comprehensive range of services includes:
Management Reporting & Analysis
Budgeting and Forecasting
Financial Analysis – Cost/Margins
Asset Structures
Bookkeeping Support
Business Appraisals
Due Diligence
Business Plan
Succession Planning/Business Sale
Business Grants
Business Coaching
Software Solutions
Get in touch with us today and take the first step towards optimizing your business's potential.
Contact us today to discuss how we can work together: 03 9654 2022 or email us at info@apnl.com.au
Taxation
Most enterprises encounter shared challenges irrespective of their industry. We take pride in offering clients sound counsel and expert guidance to effectively manage cash flow and foster optimal business growth.
Our proficient team is well-equipped to assist you with a range of intricate tax matters, encompassing tax consolidation, business succession planning, and remuneration options, ensuring strict adherence to all compliance, legislative, and taxation requirements.
Our comprehensive array of services includes:
Financial Statement Preparation
Australian Taxation Office (ATO) Lodgment for individuals, partnerships, joint ventures, companies trust, and superannuation funds.
Australian Securities & Investments Commission (ASIC) requirements
Tax planning and problem solving
Bank covenant reporting
Three-way financial projections
Contact us today to discuss how we can work together: 03 9654 2022 or email us at info@apnl.com.au
Self-Managed Superannuation Funds
We have the expertise to assist you in determining whether an SMSF is suitable for your needs. Our comprehensive support spans from establishing your SMSF to handling its ongoing administration to ensure compliance.
Rest assured, we will keep you and your trustees informed about the ever-changing superannuation landscape, including rules and regulations.
Our services are proudly delivered locally and in-house, providing you with peace of mind regarding the privacy of your information and the quality of our service.
Our offered services include:
Administration and Compliance, encompassing:
Tax Returns
Preparation of Financial Statements
Facilitating Annual Independent Audits
Fund establishment and Trust Deed Updates
Pension Establishment
Tax and Strategic Advice
Contact us today to discuss how we can work together: 03 9654 2022 or email us at info@apnl.com.au
Tax Diary
General Calculators
Accounting Videos
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Secure File Transfer
Secure File Transfer is a facility that allows the safe and secure exchange of confidential files or documents between you and us.
Email is very convenient in our business world, there is no doubting that. However email messages and attachments can be intercepted by third parties, putting your privacy and identity at risk if used to send confidential files or documents. Secure File Transfer eliminates this risk.
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Privacy Notice
APNL Pty Ltd Chartered Accountants and Advisors ("APNL") understands that in globalising world, protection of your privacy and information is of the utmost importance. We are dedicated to protecting your personal information especially the collection, use and storage of information. At APNL, we understand the significance you place on information that identifies you ("your personal information"), and we are committed to assisting you in safeguarding it.
The Privacy Act 1988 (Cth) and the Australian Privacy Principles (APPs) form the cornerstone of the privacy protection policy that APNL Pty Ltd are statutorily bound and abide by steadfastly. This Privacy Policy outlines how we manage the information we collect about you when you provide personal information to us in person, by mail or email, or when you visit our website.
Collection of Personal Information
We will only collect personal information that you voluntarily provide to us or have given us prior consent. The ways we may collect personal information from you include, but are not limited to:
When you visit or use our website.
When you engage our services.
When you register for secure access to our website and log in to your account (if applicable).
When you subscribe to our newsletter or mailing list (if applicable).
When you contact us or our associated entities by mail, email, or telephone.
When you apply for employment with us.
From third-party contractors or outsourcing service providers, such as law enforcement agencies and other government or regulatory bodies.
Please note that in some cases, providing certain personal information may be necessary for us to provide you with the requested services or information. If you choose not to provide us with specific personal information, it may hinder our ability to fulfill your requests.
Types of Personal Information We Collect
The personal information we may collect from you includes, but is not limited to:
Names, addresses, email addresses, and phone numbers.
Information from documents such as passports or driver's licenses.
Tax file numbers (TFNs) and other identification numbers, such as Medicare numbers.
Date of birth and gender.
Financial information.
Details of superannuation and insurance arrangements.
Sensitive information, with your consent, such as health information or membership details of professional or trade associations or political parties.
Bank account details, shareholdings, and investment details.
Educational qualifications, employment history, and salary.
Visa or work permit status.
Personal information about your spouse and dependents.
Use of Your Personal Information
APNL and our associated entities will use the personal information you provide for the purpose of providing the agreed-upon services, such as accounting or business advisory services. Additionally, we may use this information for internal business and management processes, monitoring and improving our website, keeping you informed about our services and company news, and fulfilling our legal obligations.
Prior to providing products or services to you APNL is obliged by law to collect, and verify, certain personal information from you. The statutes governing these requirements include:
The Financial Transactions Reports Act (1988) (Cth)
The Anti-Money Laundering and Counter Terrorism FinancingAct (2006) (Cth)
Taxation Administration Act 1997 (Vic)
Income Tax Assessment Act 1997 (Cth)
A New Tax System (Goods and Services Tax) Act 1999 (Cth)
The Corporations Act 2001 (Cth)
and other relevant financial services laws as applicable.
Direct Marketing
We may use your personal information for marketing purposes related to our services. If you do not wish to receive marketing material from us, you can unsubscribe by following the instructions provided in the communication or by contacting us directly.
Disclosure of Your Personal Information
Your personal information will only be disclosed to employees or consultants of APNL and its associated entities who are involved in providing the agreed-upon services. Depending on the nature of the engagement, we may need to disclose your personal information to third parties, which may include service and content providers, dealers and agents, or our contractors and advisors.
Security Procedures
APNL takes the security of your personal information seriously and implements reasonable measures to protect it from misuse, interference, loss, unauthorized access, modification, and disclosure. We regularly review our security procedures to ensure their effectiveness.
However, please be aware that transmitting data over the Internet is not entirely secure, and we cannot guarantee the security of information transmitted to us via electronic means such as via e-mail. Such transmissions are done at your own risk.
Data Breach Notification
In the event of an "eligible data breach" as defined by the Privacy Amendment (Notifiable Data Breaches) Act 2017 (Cth), we will notify affected individuals, including you, and the Australian Information Commissioner (OAIC) in accordance with the law. If you believe a data breach has occurred or have concerns about your privacy, please contact us as detailed below.
Access and Correction of Personal Information
You have the right to access the personal information we hold about you and to request corrections if you believe the information is inaccurate, incomplete, or outdated. To access or correct your personal information, please contact us at info@apnl.com.au. We will respond to your request within 2 business days.
Changes to Our Privacy Policy
This Privacy Policy represents our current practices and may be updated from time to time for various reasons. Any changes will be published on our website, and your continued use of our services and website signifies your acceptance of the updated Privacy Policy.
Complaints Resolution
APNL is committed to resolving privacy-related concerns fairly and responsibly. If you have any concerns about how we handle your personal information, please contact us using the details provided below. We will address your concerns through our complaints handling process and provide you with an outcome in a reasonable timeframe. If you remain dissatisfied with our response, you may refer your concerns to the Office of the Australian Information Commissioner.
Contact Us
If you have any questions, requests, or concerns related to this Privacy Policy or your personal information, please contact us at:
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