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

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.

16 Oct 2018  |  Tax Brief  |  Private Wealth

Taxing private trusts - a moving target

Our revenue authorities have been very active recently issuing judgments, making pronouncements and intensifying enforcement activity, all directed to the way the tax system operates in relation to income made from, and gains arising on transactions with, assets that are held on trust. This Tax Brief highlights the effects of some of the more important developments affecting private trusts.

Taxing private trusts - a moving target (16 October 2018).pdf (322 kb)

11 Sep 2018  |  Riposte  |  Real Estate  |  Private Wealth

NSW land tax: property developer liable for land tax under property development agreement

The Civil and Administrative Tribunal of New South Wales decision in Australia Avenue Developments Pty Ltd as trustee for the SOP Site 3 Partner Trust v Chief Commissioner of State Revenue [2018] NSWCATAD 144 demonstrates the importance of considering land tax implications when structuring property development arrangements.

13 Aug 2018  |  Riposte  |  Financial Services  |  Private Equity  |  Private Wealth

Tax Law Bites Trust Law on Franking Credits

The High Court of Australia has restored sanity in a long running saga in which a trustee purported to separate franking credits from the underlying dividends in allocations to beneficiaries. The Court held (as the parties now accepted) that this was not possible and that a contrary decision of the Supreme Court of Queensland in its trusts jurisdiction to which the Commissioner of Taxation was not party did not bind the Commissioner.

12 Jul 2018  |  Riposte  |  Private Wealth  |  Employment & Superannuation

Board of Taxation reviews residency test for individuals

The Board of Taxation has released a self-initiated report considering the existing individual income tax residency rules. In providing its recommendations, the Board of Taxation concludes that the existing residency rules are no longer appropriate and must be modernised.

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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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