Most family money is eared in one generation and lost in three. Transfer of capital with no structure can create conflict and complacency. The family office is there to provide the framework to protect and grow the family wealth.
Establishing a Family Office is a significant start and the family must determine their expectations, priorities and scope to decide what services they need. Besides various essential services such as taxation management and administration, we provide advisory and strategy consulting, for example, structuring and asset protection, and project manage all the other services the family needs.
It takes patience, good management, great ideas and insights, good advisors and skills to build family wealth. Yet family wealth is so susceptible and can be attacked by bad relationships, agencies and regulators. We have proven strategies to deliver a real solution to protect your family wealth.
Governance is a company's direction and control. Directors run companies. The board establishes strategic objectives, oversees management, and reports to shareholders on their stewardship. The board is governed by laws, regulations, and shareholder meetings. These corporate governance ideas may be applied in a family office, but they must be adapted.
Back office services
We provide back office help for the preparation of reporting that is required for compliance with various legislative, regulatory, and tax requirements.
Before I depart Macquarie, I want to say thank you to Better Bookkeep It for looking after our accounts. Especially, Koko has done an outstanding job, ensuring that nothing has fallen through the cracks. Her diligence and attention to detail has made the process seamless. All work was turned around quickly and it was a pleasure to work with her.
Thank you for your help with getting our temporary residency needs sorted – your prompt help and efficiency with LAFHA will make a big difference for myself and my fiance.
It is so refreshing to deal with people who are caring, helpful and keep their promises. Bates Cosgrave’s extensive knowledge in tax and accounting for medical practitioners was incredibly valuable and timely for us, especially, Mr Zhou’s professional Tax and Accounting consultancy and excellent service to my company has impressed me very much!
Actelion has experienced and enjoyed a great working relationship with Bates Cosgrave. They have advised on and processed all our employment related taxes for many years with ease and the utmost professionalism. This includes a commendable holistic service on the recent employee share scheme changes. I would personally recommend Bates Cosgrave.
Bates Cosgrave came highly recommended before I decided to move back to Australia, as they have the capacity to understand complex issues beyond the Australian border. From my perspective, my choice of advisor must be technically strong, personal and professional, responsive, prudent, practical, transparent and trustworthy. I am pleased that Bates Cosgrave delivers all of these as part of my relationship with them.
Click on the links below for our latest news and if we can assist you, please contact the Bates Cosgrave team on 02 9957 4033.
Keeping fit generally means staying healthy, but despite numerous attempts by taxpayers, a gym membership deduction.
It was one of the headline grabs of the 2022 Federal Budget: Small businesses could spend $100 and claim a $120 tax deduction.
The Australian Taxation Office recently updated its guidance on tax and cryptocurrency.