Superannuation and estate planning update: the good, the bad, the ugly

Hugh Taylor – Client Director, Private Business and Family Advisory

Time: 3.15pm - 4.00pm

In this session you will learn how the Superannuation system continues to evolve through legislative changes, interpretation by regulatory bodies and litigation and the potential impact on estate planning. Hugh will consider the following topics that have an impact on advising clients:

Outcome of recent litigation:

• In relation to disputed death benefits
• Involving Self-Managed Superannuation Fund Auditors

ATO Private Binding Rulings on:

• Financial Dependency and
• Interdependent Relationships

For the purpose of the tax treatment of death benefits:

• Meaning of paying a death benefit ‘as soon as practicable’ [for the purposes of Regulation 6.21(1)]

Levers to drive business growth

Alan Max – Partner, Corporate Finance

Time: 4.00pm - 4.45pm

In valuing and advising hundreds of businesses, its clear that too many owners do not unlock the full potential of their business. Business owners should spend more time working on their business rather than in the business.

To help owners, in this session we discuss the key levers that drive business growth, increase profitability and maximise business value, and unpack those items allowing business to proactively manage these vital drivers.  Bringing valuation, board and commercial learnings, we work with businesses and their other advisers to develop the building blocks, roadmap and partnering plan to deliver results.

Cybersecurity

Adam Irwin – COO/Partner, Advisory Services

Time: 5.00pm - 5.45pm

Adam Irwin, COO and Partner at Pitcher Partners will highlight issues in todays Practice Management area and explain how Pitcher Partners have mitigated and minimised cyber attacks. Additionally Adam will guide you through the following case study and what it means for you:

Late July a Law firm was sent an email stating that the users mailbox was full and to login and delete some emails. Most staff ignored it, however a small percentage of staff opened and logged in. The hackers spent six weeks reading the company emails to determine the best attack to launch. On Thursday 10^th August the Law firm realised something was wrong as the bank accounts had been emptied. That afternoon, three sums totalling $790,000 were deposited into the hackers NAB bank accounts. On the 4^th August, the usual Friday settlement emails were sent out, however hackers stopped the emails in the outbox and altered the account details of three property settlements.

Succession and estate planning

Chris Ardagna – Partner, Tax Consulting

Time: 5.45pm - 6.30pm

Estate Planning is about retaining and passing on wealth from generation to generation, while ensuring family unity, individual growth and a sense of contribution. The preparation and maintenance of an estate plan is an effective way to ensure that your client’s estate is passed onto their chosen beneficiaries, with certainty and in the most financially efficient and tax effective way. Succession Planning plays a critical role in estate planning, as it guides the direction of the individual or family and can help prompt sometimes hard conversations in relation to what comes next. Given that the succession and estate planning process can take anywhere from six months to five or more years, it is vital that your clients start to address these areas as soon as possible. Chris Ardagna is a Succession and Estate Planning specialist. Chris will guide you through the different stages that a business owner goes through when contemplating the future of their business, and the structures that may be helpful in ensuring that the family grow and develop from the succession process. Chris will also address how good estate planning can support business or wealth succession plans and vice-versa.

Key takeaways:

• Business management succession
• Estate planning process
• Impact of holding wealth in trusts
• Superannuation in estate planning under new laws
• Grow or sell the family business
• Distribution or retention of family wealth
• Thinking as an owner versus thinking as a manager
• Process and structures to facilitate “owner“ thinking
• Opportunities for the next generation.