Estate Gifts & Trusts

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We understand how hard you work to accumulate wealth and provide for your loved ones. Now you want to take the important and responsible steps towards planning for your future.

Whether your primary goal is living a comfortable retirement, sending your children to college, passing your legacy to the next generation, or all three, we can help you feel prepared.

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Family Trust Tax

Decisions made now affect you later.  If you plan early, you can benefit much greater when it comes to establishing a family trust.  Tax implications can be lessened.

The term family trust refers to a discretionary trust set up to hold a family's assets or to conduct a family business. The ability to effectively manage tax between family members, protect assets from creditors, and help with succession planning could make them a useful tool in wealth creation. For tax purposes though, a trust is not considered a “family” trust until a “Family Trust Election” is made which is a confirmation to the Australian Taxation Office that every beneficiary in the trust is related to a particular individual. While a family trust is generally just a discretionary trust, there are certain tax concessions available when the trust is a ‘family trust’.

A Family Trust also:

Increases Tax Advantages
Protects the family group’s assets from the liabilities of individual family members
Gives a means to pass family assets to future generations
Can avoid challenges to wills

It is important to understand how family trust tax works.  Yearly distributions are encouraged because taxes are incurred on income that sits in the trust.  However, family trust tax is not paid on income that is distributed to the beneficiaries of the trust.  Individual members of the trust might pay tax, but there are tax-free thresholds that allow distributions to be free from taxation under certain limits.

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Family Trust Deed

The document that establishes the members of the family trust is known as the “trust deed.”  It is very important to name all the beneficiaries on the trust deed. Otherwise, any distributions made to those not named in the deed will incur the maximum family trust tax allowed.

The trust deed defines the relationship between the trustee and the beneficiaries. The parties to the trust deed are the settlor and the trustee. The trust deed specifically sets out the duties and powers of investment of the trustee, the beneficiaries, and other important stuff.

The information presented here is to give you a broad overview of establishing family trusts.  This is not presented as tax advice. To arrange this complicated legal structure, it is best to consult with one of our qualified accountants.  They can best advise you on the best course of action for your family trust.

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Tax on Inheritance Money

When someone dies, the Australian Taxation Office (ATO) advises that who their super balance gets paid out to will determine how the benefit is treated for tax purposes. More specifically, factors such as whether the beneficiary is a dependant or not, along with their age and whether they receive the benefit as a lump sum or income stream can play a part in determining how the benefit is taxed.

As part of strategic wealth management, it is advantageous to include provisions for the transfer of wealth during inheritance.  While there is no inheritance tax in Australia, property may be subject to capital gains tax. With proper planning, the amount of value transferred to the recipient can be maximized while the taxes kept to a minimum.

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Gift Tax

Australia does not impose a gift tax.  However, gifts given from a living person may be subject to capital gains tax.

Gift Types Include:


Gifts of $2 or more

As well as physical things (such as land and objects), property includes rights and interests that can be owned and have a value (such as shares and ownership rights).

Cultural Items
Cultural Gifts Program allows you to receive gifts of cultural items.  These donations are exempt from capital gains tax (CGT) and your donor may be able to claim a tax deduction.

Heritage Gifts
The National Trust enables you to receive a heritage gift to preserve it for the benefit of the public. Your donor may be able to claim a tax deduction.

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Benefits of Working With Klear Picture

We offer tailored solutions for your wealth ambitions.

Klear Picture is not a traditional financial planning service.

We provide a team of experts and advisers with a broad range of expertise necessary to design your holistic plan.

Other advantages of this exciting partnership include:

  • Access to superior and current research and data that enables us to provide informed and immediate advice. They have the infrastructure to support analyses of market data from around the world sagely and quickly.
  • Importantly, their values and culture were required to match ours so that we were confident that you receive consistent, credible and consummate services and strategies.
  • Klear Picture is not aligned with any banks or Super institutions.
  • Klear Picture provides a flat fee for service as our advice is not commission driven.
Book a Complimentary strategy session.

Book A Complimentary Discovery Session

Fill in the form below or call us now on 03 9998 1940.


Contact us for accurate and current advice on your accounting and taxation requirements. We work for both you and your business.

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