Your Business Succession

Your Business Succession

Morrows Private Wealth is the holder of an Australian Financial Services Licence (No 244119), ABN 94 517 928 276.

At the Morrows Group, we are determined to motivate you to achieve your lifetime goals, which may include making a meaningful contribution to society, by sharing the results of your success with others.

In the past, many of our clients have expressed their desire to give back to the wider community and have done so through support to initiatives that foster the arts, fund medical research and raise awareness of illness, promote the environment and sustainable living, as well as focus on social welfare or projects that aim for empowerment through education.

Support to any or all of these initiatives can fall under the general name of philanthropy, and are simply acts of giving which are planned and structured with the overarching aim of improving the well-being of society.

Obviously, you may choose to give in a variety of ways, including:

• Donating directly to a chosen not-for-profit organisation
• Voluntary work and giving up your time for a cause
• Setting up a private ancillary fund and directing funds to organisations you wish to support
• Leaving assets to an organization through a bequest in your Will

We aim to help our clients in a variety of ways, for example:

• Structuring your giving in the most tax-effective way to maximize the funds which reach your chosen charities or projects
• Preparing submissions for the ATO for new not-for-profit initiatives to enable donors to receive tax benefits for their support
• Acting as the Responsible Person on your Private Ancillary Fund and preparing compliance documentation for the Fund

Initially, however, it is simply important to consider your own philanthropic goals by reflecting on your passions or organizations close to you, how you will measure whether you are maximizing your giving and any preferred taxation outcomes you wish to achieve.

A significant benefit to clients, is our ability to call in our Taxation team to advise on making effective donations to their preferred cause. In doing so, we address individual tax planning needs alongside philanthropic goals.

Quick Links: