When it comes to exploring the future, Professor Sohail Inayatullah knows a thing or two. Presenting at Private Wealth Network’s Family Office Congress VIII, the renowned futurist discussed how, in an increasingly complex and heterogeneous world, we can shape the right future for our families.
When it comes to the world your children and grandchildren will live in, you are the point of difference in shaping the future you all want.
Strong governments can have a significant impact on driving innovation and economic growth. In a market economy their role is to create the environment where entrepreneurs, corporates and educational establishments can take the baton and run.
Now it is time for Australians to unleash their creative talents, dedicate themselves to the cause and claim their place at the table on the world innovation stage
It is all but impossible to predict what will happen to our families into the future. In a family’s lifetime, they are likely to experience at least one and more likely, four or five unexpected challenges. Bring money into this equation and it can complicate things considerably.
While it may be difficult to predict what might happen, putting the right asset protection provisions in place early may help families to avoid some of the potential pitfalls as these situations arise.
“If time is on your side, then having conversations within the family are an important aspect of making long-term plans.”
At a recent Private Wealth Network’s Family Masterclass, James Head – Partner of Deloitte Private Tax presented on some of the tax considerations of organising a family’s wealth, assets and business liabilities into the correct ownership structure.
We are in an interesting period for family business. In the past, the next generation was generally the first logical choice in “getting the keys” to a company. These days, many assets get sold before passing into the next generation’s hands, with mergers, trade sales and even IPO’s gaining favour as a choice for realising family wealth.
You may have heard the recent announcement that many large private companies are warmly welcoming – new legislation prohibiting the disclosure of certain private company tax information received Royal Assent on 12 November 2015.
What does this mean for your business, and what do you need to know?
No matter which approach you take when it comes to succession planning, it’s important to start early and be thorough in your consideration of all potential options for the business’s future. This is especially the case for family-owned businesses that must account for the preservation of family wealth and at the same time address the host of additional issues directly related to the enduring success of their business.
“In a family business, owners sometimes fail to develop formal programs to groom the next generation’s management team and believe the skills will transfer automatically.”
Malcolm Turnbull – The new Prime Minister and an air of optimism
Since Malcolm Turnbull’s arrival in office it is hard to put value on the air of optimism and the spring in the step of innovators and entrepreneurs in the start-up and Fin-tech space. Who knows how this will translate into that extra piece of discretionary effort or focus that generates value and jobs for the Australian economy.
Items that were off the table or regarded as politically sensitive can now be openly discussed in the context of the potential revenue and jobs they will create.
“…this measure may have the potential to help entrepreneurs and small businesses as well as to help enhance the success of the future equity based crowdfunding market in Australia.”
“Mental illness affects most of us at some stage through our lives, either directly or through a close family member.” – The Future of Mental Health: Family and Community session, as part of Private Wealth Network’s (PWN) Family Office Congress VIII: Exploring the Future of Families.
“The responsibility to improve the state of mental health in Australia falls upon each of us. We need to work at our mental health fitness, especially when you think how mental health in turn contributes to your physical health.”
A dealership’s financial controller is one of the most important people in the business when it comes to driving profitability. Really great financial controllers are able to extract the right financial information from the business and deliver it to the right department in a timely fashion to deliver heightened returns.
“The financial controller is a central figure in providing information to the business to encourage better engagement with the customer”
Australia’s tax reform debate is in desperate need of a circuit breaker, and this report aims to achieve exactly that. It slices through the myths that clog clear thinking on super, negative gearing and capital gains, and recommends reforms that return simplicity, fairness and sustainability to the way Australia taxes superannuation contributions and capital gains.
The blackest hat in Australia’s tax reform debate is worn by negative gearing. Yet negative gearing isn’t evil, and it isn’t a loophole in the tax system.