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It’s time to stop treading water and build confidence with a better performing business.
23 Hamilton St,
Subiaco WA 6008
It’s time to stop treading water and build confidence with a better performing business.
23 Hamilton St,
Subiaco WA 6008
Approximately 50% of adult Australians do not have a valid will, leaving a massive A$5.4 trillion wealth transfer to chance over the next two decades. For Subiaco families and business owners, the delay in starting estate planning often comes from a fear of complex legal jargon or the worry of sparking family conflict. It’s common to feel stuck when you’re trying to balance your business’s daily needs with long-term security. You want to ensure your hard-earned assets aren’t eroded by high tax bills, but the path forward can feel unclear.
This guide provides a clear framework to secure your legacy and protect your assets using strategies tailored for Western Australians. You’ll discover how to navigate the latest WA intestacy rules and manage superannuation death benefits effectively. We’ll preview how to prepare for proposed tax changes so your family and business can thrive regardless of what the future holds. Our goal is to move you away from confusion and toward a state of calm, professional control over your financial future.
This content is provided for general purposes only. Always seek professional advice by speaking to a registered professional to ensure your strategy meets your specific needs and circumstances.
Many Subiaco residents feel a sense of stagnation when they think about their future legacy. They know they need to do something about their assets, but the complexity of legal jargon often leads to procrastination. True What is estate planning isn’t just about writing a list of who gets what. It’s a holistic framework designed to manage and distribute your wealth with precision while you’re alive and after you pass away.
A generic “Post Office Will” might work for a simple bank account, but it often fails once you introduce business structures, trusts, or blended families. These templates don’t account for the vital difference between legal ownership and beneficial control. For instance, you might run a company, but the assets inside it aren’t yours to give away in a standard Will without specific strategies in place. Proper estate planning bridges this gap, providing a clear pathway that leads you away from confusion and toward absolute financial certainty for your loved ones.
A Will is a vital foundation, but it only governs assets held in your individual name. In Australia, your superannuation and assets held within a family trust are technically “non-estate” assets. This means your Will can’t control them directly. Without a strategic plan, these assets could be distributed in ways you never intended, potentially leaving beneficiaries with unexpected tax burdens.
There’s also the significant risk of “intestacy” if your documents are missing or invalid. Under the Administration Act 1903 (WA), the government uses a rigid formula to split your estate. For example, if you have a spouse and children, the spouse is entitled to the first A$472,000 and only one-third of the remainder. This rarely matches the nuanced needs of a modern Subiaco family or business owner.
Beyond the balance sheets, this process offers a clear roadmap for your family during a time of grief. By removing the guesswork, you prevent the high tax bills and emotional legal disputes that often end up in the Supreme Court of Western Australia. It’s about ensuring your values are respected long-term. When you adopt a structured methodology for your wealth, you replace anxiety with a sense of calm control. You can explore how these strategies fit into a broader financial planning framework to protect your life’s work.
This content is provided for general purposes only. You should always seek professional advice by speaking to a registered professional before making any decisions regarding your estate.
Building a robust estate planning framework in Western Australia requires more than just a single document. While many people focus solely on their Will, a complete plan addresses your needs both after death and during your lifetime if you lose the ability to make decisions. In Subiaco, where property values and business interests are often significant, these four pillars ensure you maintain control over your legacy and your lifestyle.
The first pillar is your Last Will and Testament. It acts as the final word on how your personal assets are distributed. However, it only comes into effect after you pass away. To protect yourself while you’re still here, you need a strategy that covers financial, medical, and personal decisions. This is where the specific legal tools available in WA become essential.
The Enduring Power of Attorney (EPA) is a powerful tool for managing your financial affairs. In WA, an EPA allows someone you trust to step into your shoes to manage bank accounts, pay bills, or even sell Subiaco property if you’re unable to do so yourself. Without this, your family might face a stressful and expensive application to the State Administrative Tribunal just to access your funds to pay for your care.
The Enduring Power of Guardianship (EPG) is often overlooked but equally vital. While the EPA handles the money, the EPG handles the person. Your appointed guardian makes decisions about your medical treatment, healthcare providers, and even your living arrangements. To complement this, an Advance Health Directive allows you to record specific medical treatments you do or do not want in the future. This gives your family and doctors a clear roadmap during difficult moments.
Crucially, these documents must be “Enduring.” This legal term means the authority granted to your representative continues even if you lose mental capacity. It’s about creating a safety net that remains in place when you need it most, ensuring you don’t fall into a state of operational confusion regarding your own care.
Selecting who will carry out your wishes is a strategic decision. You need to consider the duties of an executor of a will in Australia, which involve significant administrative and legal responsibilities. It’s a role that requires a methodical approach and a high level of organization.
When choosing an attorney for your EPA, financial literacy is a major advantage. They need to understand the weight of managing assets and liabilities. For your guardian, empathy and a deep understanding of your personal values are often more important. Don’t just pick one person; always nominate “backup” representatives. Life is unpredictable, and having a secondary choice prevents your plan from failing if your first choice is unable to act. Getting these pillars right is a core part of effective wealth management.
This content is provided for general purposes only. You should always seek professional advice by speaking to a registered professional to ensure your documents comply with current WA legislation.
While the legal pillars provide the structure, strategic estate planning ensures your wealth isn’t eroded by unnecessary taxes or legal claims. Many people believe that once they have a Will, their work is done. However, without looking at trust structures and tax implications, your beneficiaries might receive significantly less than you intended. It’s about moving away from the stagnation of a simple “who gets what” approach and toward a sophisticated framework that protects your life’s work.
One common concern for Subiaco families is the impact of Capital Gains Tax (CGT). While Australia doesn’t have a formal inheritance tax, CGT can still apply when an inherited asset is eventually sold. The cost base usually resets to the market value at the date of death, but proposed changes in the 2026-27 Federal Budget suggest the 50% CGT discount may be replaced by cost base indexation from 1 July 2027. Staying informed about these shifts is essential to ensure your heirs aren’t left with an unexpected bill from the ATO.
A testamentary trust is a trust created within your Will that only starts after you pass away. Instead of assets going directly to a beneficiary, they are held in a protected structure. This is a powerful way to safeguard an inheritance from a beneficiary’s potential creditors or a future relationship breakdown. If you are seeking similar security during your lifetime, you might explore a Domestic Asset Protection Trust to secure your current holdings.
These trusts also offer significant tax advantages for families with young children or grandchildren. Normally, minors are taxed at high penalty rates on “unearned” income. However, through a testamentary trust, children can often access the same tax-free thresholds as adults. This allows you to fund their education or living expenses in a much more tax-effective way. You should keep in mind that the government has proposed a 30% minimum tax on discretionary trust income starting 1 July 2028, so your strategy must be adaptable.
Your superannuation is likely one of your largest assets, but it doesn’t automatically fall under your Will. To gain certainty, you must use a Binding Death Benefit Nomination (BDBN). Without this document, the trustee of your super fund has the discretion to decide who receives your balance, which can lead to family friction and operational confusion during an already difficult time.
The tax rules for super payouts are also quite specific. If your super goes to a non-tax-dependant, such as an adult child, they may be taxed at 17% on the taxed element and 32% on the untaxed element. Proper estate planning involves looking at your wealth management holistically to find ways to reduce these tax hits before they occur.
This content is provided for general purposes only. You should always seek professional advice by speaking to a registered professional to review your specific financial situation.
For many Subiaco business owners, the company is the primary engine of their wealth. However, treating your business as separate from your personal estate planning is a mistake that often leads to operational confusion. A standard Will rarely addresses the complex mechanics of business succession or the immediate need for leadership if a director is suddenly absent. To protect your legacy, you must integrate your corporate structure with your personal wealth goals.
One of the most effective ways to facilitate a clean exit is through a Buy-Sell agreement funded by insurance. This legal contract ensures that if a partner passes away, the remaining owners have the funds to buy out the deceased’s share at a fair market price. This provides the grieving family with immediate cash while allowing the business to continue without unwanted interference from heirs who may not understand the industry. Combining this with wealth management strategies for business owners ensures your plan looks beyond the balance sheet to your total financial health.
Consider what happens to your daily operations if you are suddenly incapacitated. Who has the authority to sign payroll, approve contracts, or manage bank accounts? While an Enduring Power of Attorney covers your personal finances, your Company Constitution and Shareholders’ Agreement must also be reviewed for potential conflicts. Many owners find that their current documents don’t provide a clear roadmap for temporary or permanent leadership changes. KHT Accounting & Wealth recommends implementing “Key Person” insurance to protect the business value during these transitions, providing a financial buffer while a successor is found or the business is prepared for sale.
A common challenge is passing a business to a child who works in the firm while staying fair to other children who don’t. Equality doesn’t always mean fairness. If you leave the business equally to all children, you may create a deadlock where the active child feels resentful and the inactive children want to liquidate the assets. You can resolve this by using non-business assets, such as life insurance payouts or property, to balance the inheritance for those not involved in the company.
KHT Accounting & Wealth helps Subiaco owners move from chaos to financial certainty via structured planning. By taking a methodical approach to your succession, you ensure your life’s work continues to thrive. If you’re ready to secure your business’s future, explore KHT Accounting & Wealth’s business advisory and estate planning services to get started.
This content is provided for general purposes only. You should always seek professional advice by speaking to a registered professional to ensure your business succession plan is legally sound and tax-effective.
Starting your estate planning journey often feels like the hardest part. You might feel like you are treading water; knowing you need a plan but feeling stuck by the perceived complexity. We believe the best results come from a collaborative approach where your accountant and lawyer work together. While a solicitor drafts the legal instruments, your accountant ensures the strategy aligns with your tax obligations and business structures. This teamwork prevents the operational confusion that occurs when financial strategy and legal documents aren’t in sync.
Before your first meeting, you should organize your “Financial Housekeeping.” This involves creating a clear list of all assets, debts, and insurance policies. Don’t forget to include assets held in family trusts or superannuation, as these require specific handling. Having this information ready allows your advisors to move you quickly toward a state of calm control.
Following a structured methodology ensures no detail is overlooked. We recommend this four-step process to build a framework that protects your life’s work:
Secure your family’s future by taking action today. Your estate plan is not a static document; it’s a living strategy that should evolve with you. You should trigger a review whenever a significant life event occurs, such as a marriage, the birth of a child, or the sale of a business. Even without these events, a review every three to five years is a healthy habit to ensure your plan still meets your goals.
KHT has a long history of helping clients navigate complex professional challenges. We focus on building plans that extend beyond the business to consider your entire life. If you are ready to move from uncertainty to clarity, book a consultation with our Subiaco team to start your plan.
This content is provided for general purposes only. You should always seek professional advice by speaking to a registered professional to ensure your estate planning strategy is tailored to your specific circumstances.
Strategic estate planning is about more than just distributing assets. It’s about providing your family and business with a clear roadmap for the future. You’ve seen how a comprehensive framework, from testamentary trusts to robust business succession plans, can turn operational confusion into financial certainty. By aligning your legal documents with your tax and wealth goals, you ensure that your life’s work remains protected and your loved ones are cared for.
Our multi-disciplinary team of accounting and wealth experts uses a proprietary methodology to help Subiaco business owners navigate these complex professional challenges. We move you away from the stagnation of “what if” and toward a state of calm control. You don’t have to manage these hurdles alone. Our specialised focus on the local market means we understand the specific needs of our community.
Secure your legacy today-Speak with a KHT Estate Planning specialist in Subiaco.
This content is provided for general purposes only. Always seek professional advice by speaking to a registered professional to ensure your plan fits your unique situation.
Yes, FIFO workers with high incomes often have significant superannuation balances and property interests that require a structured approach. Without estate planning, your death benefits could be taxed at higher rates when paid to non-dependant beneficiaries like adult children. A plan ensures your income protection and life insurance are integrated with your broader wealth goals to provide for your family if you can’t.
While Will kits are legally valid, they are often insufficient for Subiaco residents with business interests or family trusts. These templates don’t account for “non-estate” assets like superannuation or property held within a company. Using a kit can lead to operational confusion and costly legal challenges in the Supreme Court of Western Australia. It’s better to build a framework that covers your entire financial house.
If you die without a plan, your business may face immediate operational paralysis. Bank accounts could be frozen, and no one may have the legal authority to sign payroll or approve contracts. This often leads to a rapid decrease in business value or forced liquidation. A succession plan ensures a smooth transition of leadership and preserves the value of your life’s work.
You should review your documents every three to five years or whenever a major life event occurs. Marriages, divorces, births, or the sale of a business are all critical triggers. Regular updates ensure your plan reflects current WA laws and your evolving financial circumstances. Keeping your plan current is the best way to maintain calm control over your legacy.
An Executor manages your estate only after you pass away, while a Power of Attorney (POA) manages your affairs while you are still alive. The POA’s authority ends the moment you die. You need both roles filled by trustworthy people to ensure your financial and personal affairs are handled professionally at every stage of your life and beyond.
Australia does not have an inheritance or estate tax in 2026. However, beneficiaries may still face Capital Gains Tax (CGT) when they eventually sell inherited assets. Additionally, superannuation death benefits paid to non-tax-dependants are typically taxed at rates of 17% or 32%. Strategic planning helps you model these tax outcomes before they impact your heirs.
Yes, eligible family members can contest a Will in WA under the Family Provision Act if they believe they haven’t been adequately provided for. This process can be emotionally draining and expensive for your estate. Robust estate planning can help minimise this risk by using trust structures and clearly documenting the reasons behind your distribution decisions.
A testamentary trust keeps assets within a protected legal structure rather than giving them directly to your children. This shields their inheritance from potential creditors or future relationship breakdowns. It also offers significant tax advantages by allowing you to distribute income to minor children using their full adult tax-free thresholds, which is much more effective than standard gifting.
This content is provided for general purposes only. Always seek professional advice by speaking to a registered professional to ensure your strategy meets your specific needs.
Article by
Ben Elliot
I'm Ben, and I help Aussie business owners make more profit, pay less tax and build long-term wealth. I've been an accountant for over 20 years, and you can access my knowledge on things like business structures, tax planning and wealth-building through any of the channels below,
If you'd like to discuss your specific business and financial goals, my team at KHT Accounting & Wealth would be happy to have a chat! Reach out to me directly on https://calendly.com/benelliott
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