High Net Worth Families & Individuals

A private wealth accountant provides specialised accounting, tax and compliance services tailored to high net worth individuals and families. Unlike a general accountant, they work across complex structures including family trusts, SMSFs, investment portfolios, and business interests, and take a proactive, year-round approach to minimising tax, protecting assets and growing wealth across generations.

While there is no single official definition, high net worth individuals are generally considered to be those with at least $1 million in investible assets outside of their home, or those with significant business interests and complex financial structures. In accounting and tax terms, the ATO pays particular attention to individuals and private groups controlling wealth of $50 million or more, though specialised advice is valuable well before reaching that level.

There are several legitimate strategies available, including maximising concessional superannuation contributions, distributing income through family discretionary trusts to lower-earning members, using corporate structures to cap tax on retained earnings at 25%, and carefully timing capital gains events. Australia’s top marginal rate is 47% including the Medicare levy, so proactive planning can make a significant difference to what you keep each year.

A family discretionary trust is a legal structure that holds assets on behalf of a family group and allows the trustee to distribute income among beneficiaries each year. By directing distributions to members in lower tax brackets, families can significantly reduce their overall tax bill. Trusts also provide a layer of asset protection, as assets held in trust are generally not owned personally and may be shielded from creditors in certain circumstances.

Capital gains tax planning involves timing the sale of assets strategically to maximise available concessions and minimise the tax payable on gains. Key strategies include holding assets for more than 12 months to access the 50% CGT discount, contributing proceeds to superannuation where eligible, and structuring asset ownership across entities to manage the tax outcome. CGT planning should be considered well before any sale, not after.

As your wealth and business interests grow, so does your exposure to risk from creditors, litigation, or business failure. Holding assets in the right structures, such as trusts, SMSFs or companies, can help separate personal wealth from business risk and protect what you have built. Effective asset protection is not about hiding wealth but about structuring it intelligently from the outset, which is why it is best addressed as early as possible.