Your Family Office

MGIDC’s family office services provides a structure to adequately manage a family’s investment objectives, facilitates succession planning for the family and protects wealth for generations.

The Trusted Advisor for ambitious Families

Family office services designed to secure your legacy

Family office services delivered by MGIDC ensure a professional and experienced level of support for the family asset pool. It provides peace of mind for HNWI, facilitating smooth succession planning, joint decision-making, and assisting with estate planning and controls where wealth creation, family legacy, and traditional family values are prioritised.

This specialised service is delivered by our experienced and dedicated team of family office advisors, skilled in providing individualised expertise for the unique needs of every family. We can assist with setting up a family office, implementing and potentially chairing family meetings, and establishing reporting protocols that align with the family’s interests.

MGIDC Advisors are also equipped to provide education to family members in relation to the asset pool and structure, as well as around taxation issues, trusts and foundations for single-family offices or private multi-family offices.

A dedicated and highly skilled team

We’re committed to investing in our people, and it’s this ethos that enables us to offer specialised services backed by years of experience. Our Advisors are highly skilled in providing a broad spectrum of wealth management support for family offices.

End-to-end Support

With a dedicated team of Advisors, we provide an individualised approach to managing the unique needs of your family office objectives.

But don't just take our word for it...

Reviews & feedback

Our Family Office Services

'It's accrual world'

Our most common services are listed below, but let us buy you a coffee to discuss your specific requirements.

Financial statements and tax returns

Many organisations undervalue the importance of accurate and timely financial reporting.  Whilst you might not get as excited by the numbers as we do, we pride ourselves of our preparation; and our ability to keep up to date with the latest legislation changes to ensure the best possible tax position for your structure.

Management Reporting Packs

If you are a proactive business owner…wouldn’t it be nice to have a good grasp on the financial position of your business, with insights provided to help you make decisions NOW.  Well our Management Report Packs allow just that with a full set of financials completed monthly/quarterly, and a detailed analysis provided.  Take the guess work out of running your business.

Every year, many of our clients participate in our tax planning.  Tax planning is the process of preparing your tax position for the end of the financial year before time, so that you can see what tax implications you may be faced with.  The advantage of seeing it before time, means that we can setup structures or plan the best course to ensure you get the most optimised tax position possible.

Structuring and asset protection

The correct structure setup is not only the best way to ensure you have the most optimal tax structure, it is critical for asset protection.  The risks of operating a business are great; so you need to ensure that you are operating in a structure that offers you the greatest protection.  We help by providing advice around the most optimal structure for you.

The highest performing teams are assembled with mutually reinforcing strengths.  Numbers are our strength…so what better way to ensure that your business is performing optimally than getting one of our team involved on a regular basis.  From Payroll assistance, to cashflow management, our Virtual CFO services will ease your financial management concerns.

Other compliance

Along with year end compliance, our accounting firm in Melbourne also handles all other regulatory compliance services such as Business Activity Statement preparation, IAS, PAYG summaries, Payroll Tax, Land Tax, R&D concessions and more.

What makes MGI Dobbyn Carafa different?

Big firm capability...small firm relationships

Equipped with a team that has the experience and capabilities of a big firm, but maintaining our deep, personal connection is something we pride ourselves on. Our team are highly supported and we are conscious of wanting to keep our numbers small, but our value high.

est.

2006

Decades of expertise

We have a team of experienced professionals from a diverse range of backgrounds, highly qualified for every business need. Some of the qualifications our team possess include:

+87

Client Net Promoter Score®

We take great pride in our customer service and the deep relationships we have with our clients and we are humbled to learn that our clients feel the same way.

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Employee Net Promoter Score®

Much like client NPS®, we take great pride in our employee engagement and the deep relationships we have with our team as we support them on their professional journey.

Meet our Business Services team

Frequently asked questions

In Australia, a family office is a privately held company that provides comprehensive financial, investment, and wealth management services to high-net-worth families. The primary goal of a family office is to manage and preserve the wealth of a wealthy family across generations.

Family offices in Australia typically handle various aspects of wealth management, including investment strategy, asset allocation, financial planning, tax optimisation, charitable giving, and succession planning. They provide personalised services tailored to the specific needs and goals of the family, ensuring the efficient management of their financial affairs.

These offices often have a long-term focus, aiming to safeguard and grow the family’s wealth through well-defined investment strategies, risk management, and asset diversification. They may also offer services such as estate planning, governance structures, and philanthropic initiatives.

Family offices can be established as single-family offices, serving a specific family, or multi-family offices, where multiple families pool their resources to access shared services and expertise. Single-family offices are typically more customised and dedicated to the unique needs of a specific family, whereas multi-family offices provide cost-efficient solutions by leveraging economies of scale.

By engaging with family offices, high-net-worth individuals and families in Australia can benefit from customised financial management, expert advice, and long-term wealth preservation strategies to meet their specific needs and objectives.

To establish a family office in Australia, you can follow the general steps listed earlier, but it is important to consider the regulatory and legal environment specific to Australia. Here are some additional considerations:

Legal structure: In Australia, family offices can be established using various legal structures such as trusts, companies, or partnerships. The choice of structure will depend on your goals, asset allocation preferences, and tax implications.

 

Licensing requirements: Depending on the services offered by the family office, you may need to obtain an Australian financial services (AFS) license from the Australian Securities and Investments Commission (ASIC) to operate legally.

Compliance and reporting obligations: Operating a family office in Australia requires compliance with various laws and regulations, including AML/CTF, privacy, and tax reporting requirements. It is essential to have a robust compliance and reporting framework in place to avoid breaches and regulatory penalties.

Tax implications: In Australia, family trusts are commonly used as a structure for managing family wealth, but they are subject to complex tax rules and regulations. It is important to seek professional advice on tax planning and compliance to ensure that your family office meets its tax obligations.

Property law and estate planning: Property law and estate planning in Australia are complex and ever-changing, making it essential to seek professional advice to ensure that your family office is structured and operated in a way that protects your family’s wealth and legacy.

These are some of the key considerations to establish a family office in Australia, and professional advice is recommended to address any legal or regulatory challenges and ensure compliance with the relevant regulations and laws.

In Australia, there are various situations where it might be beneficial to consider establishing a family office. Here are a few instances:

Multi-generational wealth management: If your family has accumulated significant wealth over generations, a family office can provide centralised management and coordination of various financial and non-financial aspects, such as investments, estate planning, philanthropy, and governance.

Complex financial affairs: If your family has complex financial affairs, including multiple businesses, investments, and assets, a family office can help streamline and coordinate these activities, enhance tax efficiency, and provide professional expertise to navigate intricate financial matters.

Governance and succession planning: If there is a need for effective governance and succession planning, a family office can assist in establishing family governance structures, facilitating communication among family members, and planning for the smooth transition of wealth and responsibilities across generations.

Consolidating professional services: If your family is currently engaging multiple professionals such as lawyers, accountants, investment advisors, and estate planners individually, a family office can consolidate these services under one roof, ensuring a more coordinated and efficient approach to managing your family’s wealth and affairs.

Privacy and confidentiality: For families seeking enhanced privacy and confidentiality in their financial affairs, a family office can provide a discreet and private environment for managing wealth and addressing sensitive family matters.

It is important to note that the decision to establish a family office is highly dependent on individual circumstances and the specific needs of your family. It is advisable to consult with professionals such as accountants, lawyers, and financial advisors who specialise in family office services to determine if and when a family office is the right solution for your family’s unique situation.

There are two main types of family office in Australia: the single-family office (SFO) and the multi-family office (MFO). SFOs are private offices that manage the affairs of one wealthy family, while MFOs offer similar services to multiple families.

SFOs offer bespoke services tailored to the specific needs and circumstances of a particular wealthy family. SFOs often provide services such as investment management, estate and succession planning, philanthropy management, family education, and other customised services.

MFOs, on the other hand, offer similar services to multiple wealthy families. MFOs can provide economies of scale, allowing families with smaller net worths to benefit from professional wealth management services. MFOs can also provide a broader range of services, such as investment research, manager selection, and reporting and accounting services.

It is important to note that there is no one-sise-fits-all approach when it comes to choosing between SFOs and MFOs, and the decision ultimately depends on factors such as the sise and complexity of the family wealth management needs, the level of customisation required, and the desired level of privacy.

Sure, here is some general information on how to structure a family office in Australia:

Determine the scope of services: The first step in structuring a family office is to determine what services the office will provide. This will depend on factors such as the sise and complexity of the family’s assets and whether the family office will be a single-family office or a multi-family office.

Choose the appropriate legal structure: Once the scope of services is determined, families can choose an appropriate legal structure for their family office. Common structures include trusts, companies, and partnerships.

Establish governance and decision making framework: Establishing a governance and decision-making framework is important to ensure a smooth operation of the family office. This framework should address how decisions will be made, how conflicts will be resolved, and how the family’s values will be integrated into the management of the family office.

Determine staffing needs: Depending on the type and scope of services provided by the family office, families may decide to hire their own staff or outsource these services to third-party providers. Hiring staff may involve roles such as CEO, investment managers, accountants, lawyers, and administrative staff.

Establish a budget: Families will need to determine the appropriate budget for their family office. The budget should include costs for staff, office space, technology, and other expenses related to managing and supporting the family office.

It is important to note that the structuring of family offices is highly dependent on the specific needs and circumstances of each family. Families engaging in this process should consult with professionals such as accountants, lawyers, and financial advisors to determine the appropriate structure for their family office.

Have we piqued your interest?

Let us buy you a coffee to discuss your requirements.