William Buck Australia
As a fully integrated firm of Chartered Accountants and advisors, William Buck provides a complete solution. Putting you at the core of the business, our advisors work together to ensure that careful consideration is given to your business and personal wealth affairs.
Working closely with you and your team, our Business Advisors can help you plan and implement contemporary business strategies and practices to meet your business’s full potential.
Our commercially minded tax specialists offer clear, responsive advice to manage your tax risk, address local and international issues, and develop strategies to optimise your tax position.
Our audit team has extensive experience in a range of engagements, giving stakeholders independent and objective assurance on financial information, transactions and processes.
Our Corporate Advisory team provides objective, strategic and commercial advice across a broad range of business issues. Our work spans the breadth each engagement from the origination of ideas to managing the transaction process, valuation and structuring.
Our highly experienced team of liquidators and trustees use their extensive expertise to assist in times of financial distress, achieving the best outcome for all stakeholders.
By understanding not only what you want to achieve but why it’s important, our wealth advisors can create strategies attuned to your key priorities. The end result is a plan focused on your life goals.
The William Buck Hour could be the most profitable hour you spend this year.
Sweeping changes to financial reporting may impact your financial position and business operations.
Our experts are here to help you understand what you need to know about Safe Harbour legislation.
Check our Private Business Tax Reform resource centre to see how the most significant changes may affect you and your business.
William Buck has a team of professionals with specialist experience and know-how on a range of industry sectors.
Our advisors understand the risks and opportunities unique to the agribusiness sector. Taking a strategic view of your operations they provide relevant guidance and advice.
Assisting public and private schools, vocational colleges, universities and private training providers, our education specialists provide timely and valuable assurance services together with strategic, financial and management advice.
Our Government and public sector team has substantial experience in assisting all levels of government to review their structures and develop strategies, in line with relevant legislative requirements and accounting and audit standards.
Working with over 1,600 clients in the health sector, our advisors help practitioners and health care corporates achieve their business and personal goals
Our hospitality and tourism team has a working knowledge of the industry which, when combined with our technical knowledge, can assist you in reaching your commercial goals.
By staying on top of changes in the manufacturing sector, our industry experts provide relevant and timely guidance to a broad range of manufacturing business.
Our mining and energy team has the experience and resources to help start-ups, developing businesses and well-established companies to meet their commercial goals.
Integrity and transparency are at the heart of the best Not for Profit organisations. These values re shared by our dedicated Not for Profit team, which helps entities to establish to improve performance and develop strategies for long-term growth.
Our advisors understand the challenges and opportunities facing the professional services sector first hand. This experience together with our expertise helps to determine your strategic objectives and provide concise, relevant advice to help you achieve your goals.
Our property and construction team assist on a wide range of assignments from property development to construction and large infrastructure projects. Their diverse experience, technical expertise and commercial know-how to help you tackle the important issues.
Our retail and wholesale team works with a variety of businesses from family owned operations to franchises and larger chains, to provide advice and guidance on the issues that count.
With the skills to help tech companies grow from startup to exit – we provide tailored tech company solutions, supported by access to a range of specialists across numerous service lines and industries.
Our transport and distribution team works with businesses to review their operations, improve efficiency and productivity and ensure compliance with the latest regulatory developments.
The William Buck Health Hour could be the most profitable hour you spend this year.
We work with individuals, businesses and community organisations with a particular focus on the mid-market. Drawing on our extensive experience, our advisors will challenge your thinking and re-frame problems to understand their root-cause.
We’re more than just accountants and advisors, we aspire to create positive change in the lives of our clients and our people.
Life as a CFO can be complex, exciting and demanding. Combining technical excellence with decades of working closely with and listening to the needs of CFOs, our advisors understand the competing demands of your role.
Whatever your needs, we have the expert resources to create the best outcome for you and your business. As our client, you’ll benefit from our integrated services model that puts you at the core of its business.
We create and implement personal wealth plans and tax strategies that give our clients greater certainty that their financial and personal goals will be met.
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Our professionals are experts in their fields and are skilled at providing jargon-free, practical and comprehensive advice, allowing you to get to the heart of your matter.
Interested in joining our team? We have positions across Australia and New Zealand for forward thinking, enthusiastic, intelligent individuals.
Looking to join a team that offers more than just co-workers? We’re proud to have built a firm which engenders loyalty and provides an environment in which life-long professional connections and friendships can flourish.
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We offer a workplace where striving for excellence and being supported to achieve your professional and personal best, are par for the course.
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We foster a dynamic and respectful work culture, where growth and development are encouraged, and initiative is rewarded.
We’re committed to recruiting outstanding people. Our culture is built on respect and team work, making William Buck a great place to develop a rewarding career. From day one, you will be given every opportunity to realise your full potential.
We boast a culture that values each individual employee as an essential part of the team and places a high priority on helping you reach your full potential, personally and professionally.
Hello. Kia Ora. Talofa. Ni Ho. However, you say it, there’s always a warm welcome at William Buck. Creating an enjoyable environment to spend our days is part of our master plan to create an exceptional place to work.
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Established in 1895, we’re more than just advisors; offering a full range of services and 360 degree support, we aspire to create a positive change in the lives of our clients and our people.
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Why should people consider getting their Estate Planning documents (like Wills and Powers) in order?
People work very hard to pay off their home and accumulate assets during their lifetime and want to see their hard work benefit their loved ones. Making sure that your estate planning is in order is critical to ensure that your assets pass to your intended beneficiaries with as little cost and as few complications and delays as possible.
Certain organisations can do Wills for ‘free’. Why would I consider paying a lawyer?
As the saying goes: ‘there is no such thing as a free lunch’. Similarly, there is no such thing as a free Will.
Commonly, there is no up-front cost for preparing a Will with these types of ‘trustee’ organisations if they are appointed as your executor. On your death, the organisation will normally charge a commission based on the value of your estate.
On the current fee structure of some organisations, the cost of a ‘free’ Will and administering a small estate worth $400,000 (e.g. a modest house and other minor assets) would be $15,400 (not taking into account additional management and income fees that are charged on top of that). The cost for a lawyer to prepare a Will and administer such an estate is more likely to be less than $3,000.
What happens to my assets if I die without a Will?
If you do not leave a Will, you are said to have died ‘intestate’. In that situation, the law decides what happens to your estate. Different rules apply in different states.
For example, in South Australia, if the deceased had a spouse and children, then the spouse will generally receive the first $100,000 of the estate and 50% of the rest. The children will receive the other 50%. If the children are under 18, then their share must be held by the Public Trustee (with the associated costs and lack of control associated with that).
While this may not seem to be too bad a result to some, the lack of control of the children’s funds can cause serious practical and financial difficulties for the family, with the spouse potentially having to go ‘cap in hand’ to the Public Trustee if they need funds for the children’s care, education or maintenance, with no guarantee that they will be provided.
What are the risks of having a DIY Will? What is the worst outcome you have seen from a DIY Will?
It always surprises me that people will pay a real estate agent thousands of dollars to help sell their house to a complete stranger, but are reluctant to pay a lawyer a fraction of that amount to help transfer all of their assets to their loved ones.
Despite what some people may believe, estate planning is a highly complex area of law. In my view, the person preparing a Will must have a detailed knowledge of estate and succession law, superannuation, trusts and taxation to ensure that all of the assets that a person owns, or controls, are dealt with appropriately and in the most cost and tax effective manner.
Also, many people (including some lawyers) do not realise that a Will cannot deal directly with superannuation or assets held in trusts. Other documents and steps are required there. As a result, proper specialist advice is required to ensure that those assets also pass to your intended beneficiaries.
Even a small error in a DIY Will can cost tens or hundreds of thousands of dollars, and many months, to correct. The most dramatic example I have seen is where a person with a relatively simple estate (a house, some savings and some shares worth about $800,000) prepared his own Will. Unfortunately, it was not entirely clear which assets he left to which beneficiaries. The total costs (including stamp duty and capital gains tax) to correct the error were almost $350,000. A Will prepared by a lawyer would have cost him around $500.
What documents do you recommend in case a person becomes unable to manage his or her own affairs?
As part of the estate planning process, I always recommend that clients prepare an Enduring Power of Attorney and an Advance Care Directive.
An Enduring Power of Attorney appoints people to make decisions about your legal and financial affairs (including signing documents and dealing with assets) on your behalf.
An Advance Care Directive appoints people to make decisions about your personal and medical affairs (e.g. consenting or refusing consent to medical treatment, deciding where you are to live, who cared for you etc.) if you are incapable of making those decisions for yourself.
By AMALIA SUBOTKIEWICZ, MT LAWYERS | ADELAIDE
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Amalia is an Associate at MT Lawyers and specialises primarily in estate planning and estate administration. She is knowledgeable, friendly and has an excellent way of making clients feel comfortable in what can sometimes be a difficult and emotional area of law. Amalia can be contacted on (08) 8232 5604 or by email firstname.lastname@example.org
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