Section
The concept of a family office is well-known worldwide, but its structure and operation can vary across countries and jurisdictions. To help our Asian clients better understand the Australian family office landscape, we are introducing an Australian Family Office series and sharing selected contents from the Australian Family Office Comparative Guide authored by Christine Fleer, a partner from prominent Australian Law Firm, Arnold Bloch Leibler.
家族办公室的概念在世界范围内广为人知，但其结构和运作可能因国家和司法管辖区而异。为了帮助我们的亚洲客户更好地了解澳大利亚家族办公室的格局，我们将推出澳大利亚家族办公室系列，并分享由 知名澳大利亚律师事务所 Arnold Bloch Leibler 的 合伙人Christine Fleer 撰写的澳大利亚家族办公室比较指南中的精选内容。
Overview
Family offices in Australia do not operate under a dedicated legal framework. Instead, they are structured using common legal entities such as trusts, companies and partnerships depending on the family’s objectives, governance needs and tax considerations.
Many family offices combine several entities into a hybrid structure, allowing flexibility for investment management, succession planning and asset protection.
1. Common Ownership Structures
Discretionary Trust
A discretionary trust is one of the most widely used structures for Australian family offices.
Advantages
• Flexible distribution of income among beneficiaries
• Tax efficiency through income streaming
• Separation between ownership and control
• Strong asset protection
Disadvantages
• Can be complex to administer
• Subject to oversight from the Australian Taxation Office
• Most states impose an approximately 80-year perpetuity period
Unit Trust
A unit trust provides beneficiaries with fixed entitlements through units.
Advantages
• Transparent tax treatment (income flows directly to unit holders)
• Suitable for co-investment structures
• Clear ownership rights
Disadvantages
• Less flexibility than discretionary trusts
• Transfers of units may trigger capital gains tax
Private Company (Pty Ltd)
Companies are often used to operate businesses or hold investments within the family group.
Advantages
• Limited liability for shareholders
• Easier access to financing
• Perpetual existence regardless of ownership changes
Disadvantages
• Subject to corporate tax
• Dividend and franking rules apply
• Possible tax risks such as Division 7A when loans are made to shareholders
Other Structures
Additional structures sometimes used include:
Public company limited by guarantee
• Members instead of shareholders, reducing succession issues
• Higher compliance and regulatory requirements
Partnerships
• Flexible income distribution and pass-through taxation
• However, partners may have unlimited liability unless a limited partnership is used.
2. Access for Foreign Families
Some Australian family office structures can be used by international families, but certain requirements apply.
- Private companies: Must appoint at least one Australian resident director.
- Trusts: The tax residency of the trust depends on the location of the trustee.
- Partnerships: Foreign partners may still be taxed in Australia on partnership income generated locally.
These issues make tax planning and residency considerations essential for international families.
3. Key Factors When Choosing a Structure
Families typically consider several factors when designing their family office structure:
Control and governance
- Decide between centralised control (e.g., corporate trustees) or decentralised family management.
Asset protection
- Trusts and corporate vehicles can shield assets from business risks.
Tax efficiency
- Trusts allow flexible income distribution, while companies provide operational continuity but are taxed at corporate rates.
Succession planning
- Trusts have limited perpetuity periods, while companies and foundations may exist indefinitely.
Privacy and compliance
- Families often prefer structures that balance confidentiality with regulatory obligations.
A typical structure might include:
- a family trust for investments,
- a company owned by the trust for operating businesses, and
- a charitable foundation for philanthropy
4. Establishing a Family Office in Australia
Because there is no dedicated legal regime, the requirements depend largely on the chosen structure.
Legal structures
Family offices may be established as:
- a company
- a discretionary trust
- a unit trust
- a hybrid structure combining several entities
Single-family offices often use trusts or companies, while multi-family offices are typically corporate entities and may require financial services licensing.
Registration and documentation
Key steps include:
- Registering companies with ASIC under the Corporations Act
- Executing trust deeds (usually signed in physical form)
Paying nominal stamp duty in many states
Governance and operational considerations
Establishing a family office usually involves:
- drafting a family constitution or family agreement
- designing employee incentive arrangements
- determining tax residency
- considering Foreign Investment Review Board (FIRB) rules, particularly for property investments.
5. Cost Considerations
The cost of establishing and operating a family office varies widely depending on:
- structure and complexity
- number of staff
- services provided
- size of investment portfolio
To be continued in Series 3 | Australian Family Office
澳大利亚家族办公室概览系列
系列二：家族办公室的架构与设立
一、概述
在澳大利亚，家族办公室并没有专门的法律制度进行监管。家族通常通过常见的法律结构（如信托、公司或合伙企业）来建立家族办公室，具体结构取决于家族的财富管理目标、治理需求以及税务规划。
许多家族办公室会采用混合结构，结合多个实体，以提高投资管理、资产保护和财富传承的灵活性。
1. 常见所有权结构
全权信托（Discretionary Trust)
全权信托是澳大利亚家族办公室最常见的结构之一。
优势
- 可以灵活向受益人分配收入
- 通过收入分配实现税务效率
- 所有权与控制权分离，增强资产保护
- 管理较为灵活
劣势
- 管理较为复杂
- 受到澳大利亚税务局（ATO）的较严格监管
- 多数州规定约 80 年的存续期限
单位信托（Unit Trust）
单位信托为受益人提供固定比例的权益。
优势
- 税务透明（收入直接归属于单位持有人）
- 适合共同投资结构
- 权益和所有权清晰
劣势
- 灵活性低于全权信托
- 单位转让可能触发资本利得税
私人有限公司（Pty Ltd）
公司通常用于运营业务或持有投资资产。
优势
- 股东承担有限责任
- 更容易获得银行融资
- 公司具有持续经营能力
劣势
- 需缴纳公司税
- 受分红及抵税规则约束
- 向股东提供贷款可能涉及 Division 7A 税务风险
其他结构
担保责任有限公司（Public company limited by guarantee）
- 成员而非股东，减少继承或控制权争议
- 监管与合规要求更高
合伙企业
- 收入分配灵活
- 税务穿透至合伙人
- 但除非是有限合伙，否则合伙人可能承担无限责任
2. 境外家族的使用
部分澳大利亚家族办公室结构也可供海外家族使用，但需要满足特定条件：
- 私人公司：必须至少有一名澳大利亚居民董事
- 信托：信托税务居民身份取决于受托人的所在地
- 合伙企业：外国合伙人仍可能就澳大利亚来源收入缴纳税款
因此，国际家族在设立结构时通常需要进行详细的税务与居民身份规划。
3. 选择结构时的关键考虑
家族在设计家族办公室结构时通常会考虑以下因素：
控制权与治理
- 决定是否采用集中控制（例如公司受托人）或分散管理。
资产保护
- 信托和公司结构可以隔离经营风险。
税务效率
- 信托可以灵活分配收入
- 公司结构具有持续性但需缴纳公司税
财富传承
- 信托通常有存续期限
- 公司或基金会可以长期存在
隐私与合规
- 家族通常希望在合规与隐私之间取得平衡。
一个典型的结构可能包括：
- 家族信托：持有投资资产
- 由信托持有的公司：运营家族企业
- 慈善基金会：开展慈善活动
4. 在澳大利亚设立家族办公室
由于没有专门法律框架，设立家族办公室的要求主要取决于结构形式。
常见法律结构包括：
- 公司
- 全权信托
- 单位信托
- 混合结构
**单一家族办公室（SFO）**通常使用信托或公司结构，
而 **多家族办公室（MFO）**一般采用公司形式，并可能需要金融服务牌照。
注册与文件要求
主要步骤包括：
- 在 ASIC 注册公司
- 签署信托契约
- 在部分州缴纳象征性印花税
治理与运营
建立家族办公室通常还需要：
- 制定 家族宪章或家族协议
- 设计员工激励机制
- 确定税务居民身份
考虑 外国投资审查委员会（FIRB） 的相关规定
5.成本考虑
设立和运营家族办公室的成本差异较大，取决于：
- 结构复杂程度
- 员工数量
- 提供的服务范围
- 投资规模
系列三在我们下期的《Asia Desk Update》待续
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