The comments in this section are intended as a general overview of the financial and tax regulatory environment applicable to family offices operating in Australia. Any tax commentary contained herein is not intended or written to be used, and cannot be used, for the purpose of avoiding penalties that may be imposed under applicable state or territory tax law provisions.
GENERATIONAL does not offer tax advice.
Multi family offices in Australia generally provide a broad range of services to the families they serve. Some services provided may be regulated or subject to government oversight. One important exception is legal services. While multi family offices may provide consulting services, they generally are unable to practice law due to statutes that prohibit the practice of law by non-qualified and rules limiting certain associations between lawyers and non-lawyers where the practice of law is involved.
It is important to remember that each of the states and territories, has its own laws and regulations that may apply to family offices. These include rules concerning business licenses, franchise taxes, and registration requirements for businesses conducted in certain forms, such as Private Trust Companies.