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。

1. Market Snapshot

The family office model in Australia is well established but continues to evolve. Traditionally, ultra-high-net-worth families relied on private banks, wealth managers and legal advisers to manage their affairs. Over the past two decades, the shift towards dedicated family offices has accelerated, driven by:

• increasing wealth;
• a desire for greater control; and
• the need for structured succession planning.

Early family offices in Australia were often informal, managed within investment companies or trusts. Today, there is a clear trend towards more sophisticated, institutionalized structures. The single-family office (SFO) model is prevalent among first-generation wealth creators, particularly in property, resources and private enterprise. Multi-family offices (MFOs) have also gained traction, offering economies of scale and shared expertise.

Regulation remains a key consideration. While family offices are generally not subject to the same licensing requirements as financial services firms, compliance with tax laws, corporate governance, and investment regulations is critical. The Australian Taxation Office (ATO) closely scrutinizes family office and private structures to ensure compliance.

Historically, Australian family offices were built by entrepreneurs who had monetised private businesses. Families established single-family offices to centralise investment, tax and succession planning. These families sought control over capital deployment, better risk management and privacy.

With Australia’s stable legal system and attractive lifestyle, foreign families – particularly from Asia – have set up local family offices, often for succession planning or education-driven migration. While specific tax incentives are limited compared to Singapore or Hong Kong, Australia remains a desirable jurisdiction for those seeking a long-term presence.

Family offices have evolved from informal structures to institutional-grade investment entities. The reliance on in-house chief investment officers, governance frameworks and co-investment models reflect a shift from passive asset allocation to direct investment and strategic wealth planning.

2. Family office models

2.1 Australian main types of family office models

In Australia, the main types of family office models are:

• single-family offices (SFOs);
• multi-family offices (MFOs); and
• virtual family offices (VFOs).

In addition, many Australian high-net-worth (HNW) families have all of the characteristics of an SFO, but do not identify with the label.

SFOs: SFOs manage the wealth, investments and financial affairs of a single HNW family.

• Advantages: SFOs offer highly personalised investment strategies and directly involve family members in decision-making and strategy formulation. SFOs benefit from enhanced privacy and confidentiality.
• Disadvantages: SFOs have high operating costs and require significant resources to maintain staff and infrastructure. They lack economies of scale and are also vulnerable to succession planning issues and difficulty in accessing best of breed personnel and/or advice.

MFOs: MFOs serve the financial needs of a group of HNW families who together access shared services and expertise. The goal is to achieve economies of scale while still offering personalised attention and services.

• Advantages: By sharing services, MFOs offer a more affordable option than SFOs. Families also:
  • benefit from the collective knowledge and experiences of other families within the MFO; and
  • may have access to investment opportunities and services not accessible by individual families by achieving economies of scale.
• Disadvantages: Customisation is limited, as MFOs must balance the interests of multiple families. This can result in:
  • less personal attention;
  • potential conflicts of interest;
  • loss of privacy; and
  • the dilution of investment opportunities.

VFOs: VFOs leverage technology to replicate traditional family offices by outsourcing services to external specialists and coordinating their efforts to meet the family’s financial needs.

• Advantages: VFOs offer a cost-effective solution to setting up and running a family office. They provide flexibility and scalability to adapt to changing family dynamics and financial requirements.
• Disadvantages: VFOs may lack the highly personalised and hands-on approach that a traditional family office can provide. Technological issues and cybersecurity threats may disrupt the services and expose the family’s sensitive information. Families may also have less direct oversight of the management team and operations, potentially compromising privacy and control.

2.2 Australian family office services

Family offices in Australia provide a mix of:

• investment management;
• governance;
• tax structuring; and
• personal services.

The scope depends on:

• the complexity of family wealth;
• intergenerational planning needs; and
• investment objectives.

These key services involve the following activities:

• Investment management:
  • Portfolio construction, asset allocation and risk management.
  • Direct investments in private equity, venture capital and real estate.
  • Co-investments with other family offices and private funds.
  • Environment, social and governance (ESG) and impact investing strategies.
  • Diversification across asset classes and jurisdictions.
• Tax and structuring:
  • Establishment and management of trusts, private investment companies and foundations.
  • Tax-efficient asset holding structures.
  • International tax planning and compliance for global families.
  • Estate planning and intergenerational wealth transfer.
  • Management of tax risks, especially Division 7A risks and fringe benefits tax exposure for lifestyle assets.
• Governance and succession planning:
  • Family constitutions and governance frameworks.
  • Board structures and decision-making protocols.
  • Educational programmes for the next generation.
  • Dispute resolution mechanisms.
  • Succession strategies for operating businesses and passive investments.
• Legal and regulatory compliance:
  • Corporate governance and fiduciary duties.
  • Compliance with financial services licensing requirements (if applicable).
  • Privacy and cybersecurity risk management.
  • Employment law for family office staff.
• Philanthropy and social impact:
  • Structuring private ancillary funds and charitable trusts.
  • Managing grant-making programmes and social impact investments.
  • ESG-aligned capital deployment.
  • Legacy and reputational management.
• Personal and concierge services:
  • High-value asset management (art, aircraft, yachts, real estate).
  • Security and risk management.
  • Family travel coordination and lifestyle services.
  • Private staffing (chauffeurs, house managers, executive assistants).

2.3 Factors to be considered in selecting the most appropriate model

When determining the appropriate family office structure, families should consider several factors, including the need for external advisers – even in an SFO – to ensure best-of-breed expertise and mitigate risks.

• Wealth and costs: Establishing and maintaining an SFO require significant financial resources. While an SFO offers dedicated services, the cost of in-house teams across legal, tax and investment functions is substantial. MFOs and VFOs provide cost efficiencies through shared services.
• Complexity of needs: Families with intricate financial structures, cross-border investments or intergenerational wealth planning require a highly tailored approach. An SFO allows for bespoke solutions but necessitates external specialists to provide independent advice and access to institutional-grade opportunities.
• Privacy and control: SFOs provide greater confidentiality but can also lead to insular decision-making. Bringing in external advisers ensures governance, risk diversification and the ability to benchmark against best practices.
• Investment strategy and risk management: Even an SFO with in-house investment professionals must engage external advisers to assist with:
  • conducting due diligence;
  • accessing niche opportunities; and
  • structuring complex transactions.
• Regulatory and tax compliance: Given the evolving tax landscape and international regulatory frameworks, external legal and tax counsel remain essential for structuring and compliance, regardless of the office model.

To be continued in Series Two:
Australian Family Office’s ownership structures, establishment and operation

1.市场概况

澳大利亚的家族办公室模式已经成熟，但还在不断发展。传统上，超高净值家庭依靠私人银行、财富管理公司和法律顾问来管理他们的事务。在过去的二十年里，在以下因素的推动下，向专用家族办公室的转变加速了：

• 增加财富;
• 渴望更大的控制权;和
• 结构化继任计划的必要性。

澳大利亚早期的家族办公室通常是非正式的，在投资公司或信托中管理。今天，有一个明显的趋势，即更加复杂、制度化的结构。单一家族办公室 （SFO） 模式在第一代财富创造者中很普遍，尤其是在房地产、资源和私营企业中。联合家族办公室 （MFO） 也受到关注，提供规模经济和共享专业知识。

监管仍然是一个关键考虑因素。虽然家族办公室通常不受与金融服务公司相同的许可要求的约束，但遵守税法、公司治理和投资法规至关重要。澳大利亚税务局 （ATO） 密切审查家族办公室和私人结构，以确保合规性。

从历史上看，澳大利亚家族办公室是由将私营企业货币化的企业家建立的。家族建立单一家族办公室，集中投资、税务和继任规划。这些家族寻求控制资本部署、更好的风险管理和隐私。

由于澳大利亚稳定的法律体系和有吸引力的生活方式，外国家庭（尤其是来自亚洲的家庭）在当地设立了家族办公室，通常是为了继承计划或教育驱动的移民。虽然与新加坡或香港相比，具体的税收优惠有限，但对于那些寻求长期存在的人来说，澳大利亚仍然是一个理想的司法管辖区。

家族办公室已经从非正式结构发展成为机构级投资实体。对内部首席投资官、治理框架和共同投资模式的依赖反映了从被动资产配置到直接投资和战略财富规划的转变。

2. 家族办公室模式

2.1 澳大利亚家族办公室模式的主要类型

在澳大利亚，家族办公室模式的主要类型有：

• 单一家族办公室 （SFO）;
• 联合家族办公室 （MFO）;和
• 虚拟家族办公室 （VFO）。

此外，许多澳大利亚高净值 （HNW） 家庭具有 SFO 的所有特征，但并不认同该标签。

证券及期货办事处：证券及期货办事处管理单一高净值家庭的财富、投资和财务事务。

• 优势：SFO提供高度个性化的投资策略，并直接让家族成员参与决策和策略制定。SFO 受益于增强的隐私和保密性。
• 缺点：SFO 的运营成本很高，需要大量资源来维护人员和基础设施。它们缺乏规模经济，也容易受到继任计划问题的影响，并且难以获得最佳人员和/或建议。

多元经济体：多元经济体满足一群高净值家庭的财务需求，他们共同获得共享服务和专业知识。目标是实现规模经济，同时仍提供个性化的关注和服务。

• 优点：通过共享服务，MFO 提供了比 SFO 更实惠的选择。家庭还：
  • 受益于 MFO 内其他家庭的集体知识和经验;和
  • 通过实现规模经济，可以获得个人家庭无法获得的投资机会和服务。
• 缺点：定制是有限的，因为 MFO 必须平衡多个家庭的利益。这可能导致：
  • 较少的个人关注;
  • 潜在的利益冲突;
  • 失去隐私;和
  • 投资机会的稀释。

VFO：VFO 利用技术复制传统家族办公室，将服务外包给外部专家并协调他们的努力以满足家族的财务需求。

• 优点：VFO 为设立和运营家族办公室提供了经济高效的解决方案。它们提供灵活性和可扩展性，以适应不断变化的家庭动态和财务需求。
• 缺点：VFO 可能缺乏传统家族办公室可以提供的高度个性化和实践方法。技术问题和网络安全威胁可能会中断服务并暴露家庭的敏感信息。家庭对管理团队和运营的直接监督也可能较少，这可能会损害隐私和控制。

2.2 澳大利亚家族办公室服务

澳大利亚的家族办公室提供以下组合：

• 投资管理;
• 统辖;
• 税收结构;和
• 个人服务。

范围取决于：

• 家庭财富的复杂性;
• 代际规划需求;和
• 投资目标。

这些关键服务涉及以下活动：

• 投资管理：
  • 投资组合构建、资产配置和风险管理。
  • 直接投资私募股权、风险投资和房地产。
  • 与其他家族办公室和私募基金共同投资。
  • 环境、社会和治理 （ESG） 和影响力投资策略。
  • 跨资产类别和司法管辖区的多元化。
• 税务和结构：
  • 信托、私人投资公司和基金会的设立和管理。
  • 节税资产持有结构。
  • 面向全球家庭的国际税务规划和合规。
  • 遗产规划和代际财富转移。
  • 管理税务风险，特别是生活方式资产的 7A 税务风险和附加福利税务风险。
• 治理和继任计划：
  • 家庭章法和治理框架。
  • 董事会结构和决策协议。
  • 下一代教育计划。
  • 争议解决机制。
  • 经营业务和被动投资的继任策略。
• 法律和监管合规性：
  • 公司治理和信托责任。
  • 遵守金融服务许可要求（如果适用）。
  • 隐私和网络安全风险管理。
  • 家族办公室员工的雇佣法。
• 慈善事业和社会影响：
  • 构建私人辅助基金和慈善信托。
  • 管理赠款计划和社会影响力投资。
  • 符合 ESG 的资本部署。
  • 遗产和声誉管理。
• 个人和礼宾服务：
  • 高价值资产管理（艺术品、飞机、游艇、房地产）。
  • 安全和风险管理。
  • 家庭旅行协调和生活方式服务。
  • 私人人员配备（司机、房屋经理、行政助理）。

2.3 选择最合适模型时要考虑的因素

在确定合适的家族办公室结构时，家族应考虑几个因素，包括需要外部顾问（即使在 SFO）中，以确保一流的专业知识并降低风险。

• 财富和成本：建立和维持 SFO 需要大量的财政资源。虽然 SFO 提供专门的服务，但内部团队在法律、税务和投资职能方面的成本很高。MFO 和 VFO 通过共享服务提供成本效益。
• 需求的复杂性：财务结构复杂、跨境投资或代际财富规划的家庭需要高度量身定制的方法。SFO 允许定制解决方案，但需要外部专家提供独立建议并获得机构级机会。
• 隐私和控制：SFO 提供更大的机密性，但也可能导致孤立的决策。引入外部顾问可确保治理、风险分散以及根据最佳实践进行基准测试的能力。
• 投资策略和风险管理：即使是拥有内部投资专业人士的 SFO 也必须聘请外部顾问来协助：
  • 进行尽职调查;
  • 获得利基机会;和
  • 构建复杂的交易。
• 监管和税务合规：鉴于不断变化的税务环境和国际监管框架，无论办公模式如何，外部法律和税务顾问对于结构和合规仍然至关重要。

系列二： 澳洲家族办公室的架构，成立和运营

在我们下期的《Asia Desk Update》待续