From www.accountantsdaily.com.au: Grant Thornton advises family groups to initiate tax planning ahead of the financial year to enhance tax efficiency and mitigate risks.

The firm highlights the importance of establishing a tax strategy that aligns with overall business goals, including completing distribution resolutions for family trusts prior to year-end to avoid penalty tax rates.

Additionally, recent changes in the regulatory environment necessitate careful consideration of tax compliance, especially regarding Family Trust Elections and Division 7A loan agreements.