http://www.greatsouthernwills.com.au/

Great Southern Wills, 12A Frederick House, 70-74 Frederick Street, Albany (2026)

18/06/2026

FEDERAL BUDGET CHANGES – GOOD NEWS!

Today, the Government announced that testamentary discretionary trusts will be exempt from the proposed 30% minimum tax on discretionary trusts.

And that is a very big deal.

Because testamentary trusts have never just been about tax.

They’re about:

✔️Protecting inheritances from relationship breakdown risks
✔️Protecting vulnerable beneficiaries
✔️Protecting children from inheriting too much, too young
✔️Keeping family wealth in the bloodline
image001.pngGiving trustees flexibility as circumstances change

The tax benefits are simply the icing on the cake.

Funny how almost losing something makes everyone realise how valuable it is.

We’ll be reading the legislation (when it is released) with a fine-tooth comb and advocating more if there needs to be changes.

If testamentary trusts have been something you’ve been thinking about but waiting to see what the government was going to do with them…. Have a chat with Rino or Bernie about them. Book your strategy meeting here: https://calendly.com/greatsouthernwills/wills-and-estate-plan-consultation or call our office 9800 1217.

14/06/2026

On the eve of my proper return to work after a 5-week holiday…

I want to thank Rino, Verity, Pol, and Halle, for running the law firm.

Your professionalism, efficiency, and dedication over 5 weeks have meant a zero inbox for me, no fires, many estate plans signed and happy clients, and many new client appointments booked.

You made sure I was off grid the whole time effectively making my job redundant.

I’m confident that our systems and processes work, and our structure of every staff member having a backup means that each staff member can live a high-quality life and work on rewarding matters that make an impact. Even the Federal Budget delivered when I was on my way to see the Pope could not dampen our spirits.

Thank you so much! Maybe I should go on holidays more.

I look forward to seeing you all tomorrow. And I look forward to seeing our clients, referrers, suppliers, and supporters, and contributing to our national estate planning group and to our community.

Paul and I are back and recharged!

04/06/2026

Paul and Bernie are back next week!

They are currently in Paris; having seen the sights, eat delicious food, and practice their French and Italian. They in Europe for their honeymoon and milestone birthday, and we are looking forward to having them back on deck.

Thank you to Rino, Verity, and the team for running the law firm in their absence.

Photo: Wedding day in Princess Royal Harbour, Albany.

Photo taken by Krysta Guille Photography.

02/06/2026

When you hear laughter in the boardroom – Rino is here!

Rino is a valuable member of our team and clients often comment how down to earth he is, how well he explains legal concepts in plain English, and how he can draw upon his many years of legal experience.

Rino meets with our clients in our Albany office and at their homes in the Albany area to discuss Wills and Estate Planning.

Rino was admitted to the WA Supreme Court in 1985 and has many decades of legal experience. Senior partner of an Albany law firm, he was instrumental in the delivery of quality legal services to the region – one of his highlights was having his Will and legal advice left unchanged by the High Court of Australia.

Jogging one day at Middleton Beach while Bernadette was working on the business plan at Three Anchors was serendipitous. Great Southern Wills needed a senior lawyer to assist with increased demand for quality Wills and Estate Plans. Rino wanted to work more in the law and work for a law firm.

Thank you Rino Daniele for bringing your energy, expertise and experience to our law firm.

28/05/2026

OUR COMMUNITY

GSW owners and staff are local. Just like you.

We shop at the same shops, attend the same events, and our children attend local schools too!

GSW supports local organisations, charities, and events, and we have a buy local policy.

As you know, York Street closes 4 times a year. Anzac Day, Remembrance Day, for the Christmas Pageant and for the Albany Classic!

The Albany Classic is on next weekend with the famous “Around the Houses” on Sunday 31 May 2026 9am to 5pm.

Who’s excited??? You can find out more about the event here:
https://albanyclassic.com/

There is a KIDZ Zone at Alison Hartman Gardens with fun lawn games for the young and young at hear. Food, drinks and amenities will also be available in this area.

Look forward to seeing you there!

26/05/2026

Your accountant may have been saying the word “Succession” repeatedly and to you it may sound scary; after all, you are not ready to hand over everything just yet.

You have raised your children, and you are blessed to have at least one of your children interested in your work and interested in taking on the farm. They are married and have their own children. They also live on the farm.

There are so many things to consider:

1. What if, we give the farm to our son, and in the future our son decides this farming life is too difficult, wants to sell and make more money doing FIFO?

2. How do we provide for our off-farm kids? It’s a bit unfair to give the farm to our son while leaving our daughters with nothing when we pass away?

3. How do we fund our retirement? Do we buy a house in Albany or Perth now for our future retirement? With what?

4. If our son has been working on the farm and not receiving a market wage, do we take this into account?

5. Our son has been working on the farm for many years, he should be entitled to some of the land. It’s unfair if I pass away, my spouse remarries and the land is contested by the new spouse leaving my son and his family with nothing to show for his efforts (ps true story).

6. Our son’s wife has given up her city job to live on the farm and raise our children. She’s also involved in our business and I would like to acknowledge my son and her efforts.

7. Should our son pay out of the farm profits for the business and the land to fund our retirement?

Having the conversation now while everyone is happy (including any spouses and off farm children) is beneficial. You can start planning. Set goals. Plan for your retirement.

With the help of your family office (your accountant, agri consultant, financial planner and your lawyers), we can empower you to ensure a smooth transition of your business and land to the next generation, and ensure the next generation is able to continue being successful. You don’t have to transition now – we’ll look at the next 5, 10, 15+ years.

Call our office (08) 9800 1217 to book your strategy session on your farm or in the office.

21/05/2026

We recently assisted a young de facto couple with young children.

What we thought would be a “simple” Will ended up with lots of questions and issues to tackle:

- superannuation nominations – as they are a de facto couple it was important they nominated each other and ticked the “spouse” box.

- we added a contemplation of marriage clause in their Will – if they married next year without such a clause, they have no Will.

- who would be the best to look after their young children? With siblings all over Australia – who is the best choice?

- if a client was in a coma, would the hospital call the de facto spouse?

Thank you for trusting us to assist you and giving you that peace of mind.

If you are a young family and would love the benefit of tailored advice for your family, book your strategy session here: https://greatsouthernwills.com.au/book-your-consultation/

19/05/2026

Warm, approachable, and professional.

Clients and staff love her.

Verity, our office manager.

You may see her at reception – she makes the best coffees.

But most often, Verity manages the office for us.

From supervising our admin team, dealing with client and third party (Landgate, Supreme Court) enquiries, and ensuring the smooth running of the office. We are so proud of her no or very low requisition rate with Landgate and the Supreme Court.

A highly valued member of our team, Verity is the glue and light of our law firm. She steps up and takes on Paul Terry’s role when Paul has Council and family commitments/holidays.

Thank you Verity.

15/05/2026

FEDERAL BUDGET and testamentary trusts (TTs) - Part 2

Here’s what we don’t know yet

The new proposed tax arrangements for discretionary trusts are not law; they’re simply a government announcement. The new tax rules are intended to come into effect for 1 July 2028 (over 2 years away) but who knows what will happen by then? There’s a lot that needs to happen with industry feedback and actually drafting and enacting the legislation (in fact, we’ve been here before around 20 years ago under the Ralph Review and the changes were ultimately abandoned because the process became too hard).

We don’t know how allocating income from TTs to minors will be treated. Under the current tax rules, TTs have special status – historically the government has recognised that someone has had to die in order for the TT to exist, which means that they have allowed tax free amounts of around $22,000 per child per year to be released from the TT.

Right now, we do not know if this will continue. The budget papers indicate that income to “vulnerable minor” beneficiaries from trusts will be exempt from the new rules, but we don’t have clarity on whether that means they will protect the existing arrangements, make new arrangements, or narrow the eligibility.

If they do respect the existing arrangements for income to minors, then this will make TTs an even more attractive tax structure compared to companies and family trusts.

15/05/2026

FEDERAL BUDGET and testamentary trusts (TTs) - Part 1

Here's what we know

TTs already in existence where the willmaker has died have been given protected status and shouldn’t be impacted by the changes.

Income earned by new TTs will be taxed at a minimum 30% tax rate when distributed to adults. For anyone already earning over 45% of other income (e.g. from salary and wages, personally held investment income etc), the tax treatment under the new proposed rules will be effectively the same as it is now.

TTs will still offer the flexibility each year to choose which of the beneficiaries will and won’t benefit from the trust, and the trustee will still be able to ‘stream’ income amongst multiple beneficiaries for tax planning.

TTs still offer incredible asset protection for family law, vulnerable beneficiaries, protecting minor children from financial immaturity, and people in high risk occupations or business.

For beneficiaries who are not currently earning $45,000 of income each year from other sources and where the only income they earn is from a TT (think retirees, adult children at university who aren’t working) – they will be paying a higher rate of tax under the proposed arrangements than under the current arrangements.

If you want to access the benefits of a TT (which we’ll discuss in more detail below) – it needs to be in your will before you die. It’s too late to set up one after you’ve died.

When we prepare your wills with TTs, we know that the tax and legal landscape around them can change. We do our best to give you the most accurate information at the time of making your will, but we also strategically factor in lots of flexibility.

The TTs that we draft are optional, which means your loved ones and executor can get specific legal, tax and financial advice at the time of your death to evaluate what the state of the law is, and decide on the most advantageous approach factoring in all the circumstances at the time. If they decide that the TTs are the right structure, then they’re protected. If it turns out that they no longer need the benefits of the TTs, then they’re not locked in. It’s the best of both worlds.

Great Southern Wills

18/06/2026

14/06/2026

04/06/2026

02/06/2026

28/05/2026

26/05/2026

21/05/2026

19/05/2026

15/05/2026

15/05/2026

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