Coming into the end of a financial year is always a reminder to take a look at what is recent and needs consideration for the current year and what is on the horizon for the next year. Here is a snapshot of what’s new in 2022 and what’s coming for 2023 for individuals, companies, superannuation and trusts:

Both companies and trusts have attractive features when it comes to asset protection, wealth creation and managing taxes. Which type of entity you choose to trade your business through will depend on your vision for your business, your appetite for risk and your long term wealth creation goals. For some people a simple company or discretionary trust will suffice, however where your business plans and wealth creation plans are more ambitious it would be great to be able to combine the benefits of both companies and trust. I am going to use Liam and Adele as a case study to demonstrate how we helped a client achieve just this. But first, let’s revisit what makes companies and trusts individually so appealing.