Private Wealth

Greenwoods & Herbert Smith Freehills advises many of Australia’s most successful private groups and emerging entrepreneurial businesses.

We have a full service offering covering strategic domestic and international tax planning, taxation advice on major transactions, and the provision of comprehensive compliance services. We aim to maintain the highest level of client service on every engagement and work alongside our clients in an open and collaborative manner.

With the increasing ATO scrutiny of private groups and high net worth individuals, we appreciate the importance of managing ongoing relationships with the ATO. Our team regularly assists clients with ATO interactions, reviews, audits and disputes. Our clients benefit from our deep understanding of the technical tax issues as well as our industry-specific forensic and strategic insights. Our greatest successes are when we are able negotiate advantageous settlements of major issues for our clients.

Private Wealth Transactions

Private wealth matters

Greenwoods & Herbert Smith Freehills does not disclose information relating to its work on private wealth matters.

Private Wealth Publications

12 Nov 2018  |  Riposte  |  Real Estate  |  Private Wealth

Extension of significant global entity definition and impact for large private groups

On 20 July 2018, Treasury released Exposure Draft legislation to extend the definition of a significant global entity (SGE). As a result, the extended definition of an SGE may include members of large private groups headed by unlisted companies, trusts (including discretionary trusts), partnerships or other investment vehicles. This will have wide ranging implications for affected large private groups which were previously outside the scope of some anti-avoidance provisions, increased administrative penalties and the requirement to lodge general purpose financial statements. The change is proposed to apply for income years starting on or after 1 July 2018.

07 Nov 2018  |  Tax Brief  |  Corporate and Mergers & Acquisitions  |  Private Wealth

Vacillation in Small Business Territory

The taxation of small business entities has seen more than the usual degree of schizophrenia in the last few weeks. While there were tax cuts for small business, Treasury released a Consultation Paper outlining proposed amendments to Div 7A. These measures are, for the most part, decidedly not concessional.

Tax Brief 7 November 2018 - Vacillation in Small Business Territory (240 kb)

23 Oct 2018  |  Riposte  |  Real Estate  |  Private Wealth

Victorian Land Tax: Guidelines for the Absentee Owner Surcharge Exemption

The Victorian Treasurer has published further guidelines on the circumstances in which an impacted landowner may be granted an exemption from the Absentee Owner Surcharge (AOS) for the 2019 land tax year onwards.

22 Oct 2018  |  Riposte  |  Real Estate  |  Private Wealth

Denying deductions for vacant land – Exposure Draft

The Government has released Exposure Draft legislation, as previously announced in the 2018-2019 Budget, to deny certain deductions associated with holding vacant land incurred from 1 July 2019. These integrity measures, which are effectively targeted at private trusts, SMSFs and individuals, can apply to deny deductions where the land is not being used to carry on a business for the purpose of producing assessable income.

17 Oct 2018  |  Riposte  |  Real Estate  |  Private Wealth

Circular trust resolutions – family trusts to be taxed at 47%

Following on from the Government’s announcement in the 2018-19 Budget, an Exposure Draft entitled Treasury Laws Amendment (Measures for a Later Sitting) Bill 2018 has been released which proposes to impose trustee beneficiary non-disclosure tax (currently, 47%) on the untaxed part of a circular trust distribution to which the trustee of a family trust becomes presently entitled.

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Private Wealth team

Andrew White

Director

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Cameron Blackwood

Director

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Narelle McBride

Director

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Nick Heggart

Director, Head of Energy & Resources

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