Our audit team undertakes the complete range of audits required of Australian accounting laws to help you to help you meet obligations or fulfil best practice procedures.
The biotech industry faces significant challenges, including regulatory pressures, supply chain disruptions, rising costs and shifting investment landscapes.
We help clients understand and address their employment tax obligations to ensure compliance and optimal tax positioning for their business and employees.
We provide independent oversight and review of your organisation's control environments to manage key risks, inform good decision-making and improve performance.
We enable our clients to achieve their strategic objectives, fulfil their purpose and live their values supported by effective and appropriate risk management.
Stay ahead with exclusive insights designed for established entities navigating the complexities of the AML/CTF regime. Our expert-driven content covers regulatory updates, best practices, and actionable strategies to enhance your compliance framework.
Our forensics team identifies and obtains relevant information, investigates the financial issue at hand and provides a clear, concise, sustainable opinion as...
Our team advises at all stages of a litigation dispute, taking an independent view while gathering and reviewing evidence and contributing to expert reports.
For accounting experts, one of the key factors surrounding any valuation assignment stems from the concept or meaning of value (often referred to as the Basis of Value) to be applied, as these can have different meanings depending on the context or circumstances where it is applied to a valuation engagement.
Our M&A team works with clients to achieve a full or partial sale of their business, to ensure achievement of strategic ambitions and optimal outcomes for stakeholders.
Our operational deal services team helps to ensure the greatest possible outcome and value is gained through post merger integration or post acquisition integration.
As environmental, social, and governance (ESG) considerations become increasingly pivotal for dealmakers in Australia, it is important for investors to feel confident in assessing transactions through an ESG lens.
Our finance and funding team works to access sources of finance, present your case to potential funders and negotiate a long-term sustainable relationship.
We provide effective and strategic corporate finance services across all stages of investments and transactions so clients can better manage costs and maximise returns.
We work closely with clients and lenders to provide holistic debt advisory services so you can raise or manage existing debt to meet your strategic goals.
Our proven methodology identifies opportunities to improve your processes and optimise working capital, and we work with to implement changes and monitor their effectiveness.
The biotech industry faces significant challenges, including regulatory pressures, supply chain disruptions, rising costs and shifting investment landscapes.
Our insolvency teams takes a proactive approach so our clients have access to more business turnaround options and retain the most value for all stakeholders.
Rising costs, supply chain disruptions, and shifting consumer behaviour are pushing many retailers to the edge. Taking immediate action to reduce operational expenses and prioritise cash flow management can give businesses the breathing room they need. Retailers must adapt quickly to survive these challenging market conditions and avoid insolvencies.
We help clients improve commercial performance, profitability and address challenges after internal or external triggers require a major business model shift.
We provide strategic director advisory services in times of business distress to help directors navigate issues and protect their company and themselves from liability.
We work closely with clients and lenders to provide holistic debt advisory services so you can raise or manage existing debt to meet your strategic goals.
Rising costs, supply chain disruptions, and shifting consumer behaviour are pushing many retailers to the edge. Taking immediate action to reduce operational expenses and prioritise cash flow management can give businesses the breathing room they need. Retailers must adapt quickly to survive these challenging market conditions and avoid insolvencies.
We work with private businesses across Australia – and internationals looking to Australia for their investments and operations – on all accounting and...
Our outsourced CFO services provide a full suite of CFO, tax and finance services and advice to help clients manage risk, optimise operations and grow.
Having a considered and informed ESG response has never been more important for all organisations as we are seeing awareness of the elements of ESG continue to...
There is a growing demand for organisations to provide transparency on their commitment to sustainability and disclosure of the nonfinancial impacts of their business activities. Commonly, the responsibility for sustainability and ESG reporting is landing with CFOs and finance teams, requiring a reassessment of a range of reporting processes and controls.
With the ESG and sustainability landscape continuing to evolve, we are focussed on helping your business to understand what ESG and sustainability represents and the opportunities and challenges it can provide.
As the demand for organisations to prepare information in relation to ESG & sustainability continues to increase, through changes in regulatory requirements or stakeholder expectations, there is a growing need for assurance over the information prepared.
As environmental, social, and governance (ESG) considerations become increasingly pivotal for dealmakers in Australia, it is important for investors to feel confident in assessing transactions through an ESG lens.
The following Australian Standards on Sustainability Assurance (ASSA) and the Relevant Ethical Requirements were approved by the Auditing and Assurance Standards Board (AUASB) on 28 January 2025.
Aligning automation with business strategy is crucial for creating future-ready supply chains. Emphasising flexibility, scalability, and simplicity in automation solutions enhances efficiency and adaptability while meeting evolving customer demands.
Investment and business opportunities in Vietnam are expanding rapidly, driven by new markets, diverse industries, and Vietnam's growing role in export manufacturing, foreign investment, and strong domestic demand.
Treasury is taking steps to ensure fairer tax treatment for foreign resident investors by tightening Australia's foreign resident Capital Gains Tax (CGT) regime. Proposed changes aim to broaden the CGT base and enhance integrity, impacting infrastructure, energy, agriculture, and more.
If government grants are part of your 2025 strategy, take note of the available quarter one funding opportunities. With increasing inflationary pressures, government grants can be an essential alternative funding source for businesses with critical investment projects.
Merger & Acquisition (M&A) and equity market activity in the Agribusiness, Food & Beverage (Ag, F&B) sector is undergoing a strategic shift, as investors have become more selective and increasingly cautious in response to global economic uncertainty.
Treasury is taking steps to ensure fairer tax treatment for foreign resident investors by tightening Australia's foreign resident Capital Gains Tax (CGT) regime. Proposed changes aim to broaden the CGT base and enhance integrity, impacting infrastructure, energy, agriculture, and more.
From an active natural resources M&A market, a growing energy and renewable energy market, to new technologies and export and trade agreements – we have the...
The Australian Parliament recently passed legislation to introduce two significant tax incentives aimed at bolstering Australia’s critical minerals and hydrogen production sectors.
The incentives form a significant part of the Government’s ’Future Made in Australia‘ policy.
At Grant Thornton we do things differently because we understand that when you strive for better and care about what you do remarkable things are possible.
The compelling client experience we’re passionate about creating at Grant Thornton can only be achieved through our people. We’ll encourage you to influence how, when and where you work, and take control of your time.
At Grant Thornton, we strive to create a culture of continuous learning and growth. Throughout every stage of your career, you’ll to be encouraged and supported to seize opportunities and reach your full potential.
To be able to reach your remarkable, we understand that you need to feel connected and respected as your authentic self – so we listen and strive for deeper understanding of what belonging means.
We’re passionate about making a difference in our communities. Through our sustainability and community engagement initiatives, we aim to contribute to society by creating lasting benefits that empower others to thrive.
As a new graduate, we aim to provide you more than just your ‘traditional’ graduate program; instead we kick start your career as an Associate and support you to turn theory into practice.
Peace of mind from planning and transparency amongst family
Intergenerational transfer of wealth is one thing. The intergenerational transfer of happiness is something else entirely. Achieving genuinely good outcomes requires focussing on both.
The tax risks of intergenerational wealth transfer
Australia is on the brink of a significant economic shift as an estimated $3.5 trillion in assets is expected to be transferred from the Baby Boomer generation in the coming decades. This massive intergenerational wealth transfer is fraught with a range of tax risks. Minimising those risks within both the letter and the spirit of the law often requires careful consideration, which also can uncover opportunities.
Understanding these risks – and undertaking planning in advance – is crucial to ensure a smooth and efficient transfer of wealth.
Capital Gains Tax (CGT)
One of the primary tax concerns in the transfer of wealth is CGT. A liability for CGT can arise upon the sale or transfer of assets such as property, shares, and other investments. When these assets are transferred as part of an inheritance, CGT is not usually triggered at that time, and the beneficiaries generally adopt the deceased’s original cost for the asset.
However, complexities and risks can arise the moment circumstances move beyond the basic scenario above. Examples include the extent to which the CGT exemption is preserved for assets like the family home or those acquired pre-September 1985.
Individual vs entities
A will can deal only with assets an individual personally owns. Thus, for example, assets held in a discretionary trust cannot be dealt with through an individual will. Rather, it is a matter of passing on control of the trust. For that to happen as intended, several factors need to be navigated, including succession of the Trustee (or, more commonly, succession of control of the trustee company) and succession of the trust’s Appointor.
Wealth held in a superannuation fund is also dealt with outside of a will, and planning is required ensure it is paid out to the desired beneficiaries and with known tax consequences.
Additionally, the use of testamentary trusts which are created through a will and come into effect upon the death of the individual can provide tax advantages. These include being able to appoint income to minor beneficiaries and be taxed under the normal schedule of tax rates. However, the terms must be carefully drafted and managed to ensure compliance with tax laws and to avoid potential disputes among beneficiaries.
Family dynamics
Family dynamics play a crucial role in estate planning for significant wealth transfers. Differing viewpoints among family members can lead to disputes, especially when it comes to the distribution of assets and the management of trusts. Potential conflicts can arise over perceived fairness, control of trust entities, and the selection of executors or trustees. Clear communication, transparent decision-making, and involving neutral professionals can help mitigate these issues.
Careful drafting of wills and trusts, considering the unique needs and relationships within the family, is essential to ensure a harmonious transfer of wealth and to minimise the risk of straining family relations, or worse, litigation.
Max and Doris are in their 80s. They hold cash, properties and shares in their personal names as well as in several trusts, with a total value of about $20 million. They have two adult children – Bob and Helen.
Bob for many years has worked a farming property held in one of the trusts, and that property is to go to him. Also, Max and Doris have given differing amounts of money to each of Bob and Helen at different times over the years.
Through discussing the family history, Max and Doris’s desired outcomes, and those of the children, the following was agreed:
Arrangements will be made such that Bob will obtain control of the trust holding the farming property. Further, the trust’s beneficiary entitlement liabilities owing to persons other than Bob and his family will be dealt with appropriately, to ensure he obtains the benefit of the full value of the property.
Monies provided to Bob and Helen in the past will be inflation-adjusted to reflect a present-day figure and added to the current $20 million pool of assets.
The other properties, whether through Max’s and Doris’s wills, or through similarly passing control of the trust in which they are held, are allocated between Bob and Helen as agreed.
The cash is also allocated between Bob and Helen, but more will go to Helen so that the total asset pool as nearly as practicable is divided evenly between them. Importantly, Bob and Helen understand the outcomes.
A year later, Max dies, followed by Doris several months later. Due to the arrangements that were planned and put in place, the assets and control of the trusts pass to Bob and Helen respectively as intended.
The intergenerational transfer of wealth presents both opportunities and challenges, as it comes with various tax risks that need careful consideration and planning. Although tax is a key factor, so too is the desire to ensure that disputes do not arise amongst your family.
Many families gain peace of mind in knowing their assets will be transferred in the most tax-efficient manner, and without any financial disputes among loved ones. This often requires coordinating with other professional advisors such as legal counsel and financial advisor.
We can assist with obtaining that peace of mind. Talk to your trusted Grant Thornton advisor about how we can help plan and implement the transfer of wealth to the next generation.
Learn more about how our Rising generation financial acumen training services can help you
Integrating innovation and legacy is crucial for the continued success of family businesses. Legacy provides a sense of identity, purpose and continuity, while innovation drives growth and competitiveness. So how can you balance the two?
In the bustling world of family businesses, leadership in the business will be transitioned as one generation becomes older. So, how do we ensure that the rising generation is ready to take on the financial challenges that come with this responsibility? The answer lies in building financial confidence in the Rising Generation.
As family businesses evolve, financial transparency has become a vital element for fostering growth and trust. As the baton passes to the Rising Generation, a new wave of openness and accountability is reshaping the way family business discuss money.
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