Welcome to Karaco

Accountants & Financial Planners

Established in 1999, we offer extensive knowledge and experience to a diverse range of clients and industries in Melbourne. We offer a complete range of Accounting services (under Karaco Certified Practising Accountants) and Financial Planning services (under Karaco Wealth).


Learn more about how the team at Karaco can help you with your business accounting needs.
Karaco Partners Tony Giannopoulos and Jim Karakoussis

Karaco Partners Tony Giannopoulos (left) and Jim Karakoussis (right)

We are an experienced two-partner firm, focused on providing the highest standards of professional service and advice to all clients. We provide total business solutions to our clients through utilizing our extensive knowledge and experience in Business Consulting, Accounting, and Compliance services. Our credentialed client base is broad in size and covers numerous industry sectors.

Our major objective is to establish long term, beneficial professional relationships with our clients. Relationships based on mutual understanding, trust, confidentiality, best practice and partnering. We aim to service your business and meet your personal needs by utilising our long established network of business and professional associates. These include solicitors, financial planners, bankers, marketing and strategic management consultants, computer and IT Specialists. Based entirely on referral only, we offer these contacts as a service to you and your business.

Successful business strategies

We work with you in determining future strategies that will bring success

Karaco Certified Practicing Accountants

Let us help you kick start your business

Accounting Services

Learn more about how our team can help you with your business accounting needs.
XERO logo Reckon logo MYOB logo CPA logo Registered Tax Agent logo

Accounting is not rocket science, and it should never feel like it

Accounting is not rocket science

Karaco Wealth

Let us help make your financial goals a reality

Life Event Services

Life is full of surprises. It's understandable that events in your life can affect how you think about your goals.

PRPIA Pty Ltd ABN 61 144 888 433 (trading as Karaco Wealth)
Corporate Authorised Representative
Charter Financial Planning Limited ABN 35 002 976 294
Australian Financial Services Licensee Licence number 234665
Principal Address: Level 22 / 33 Alfred Street, Sydney, NSW 2000
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Protect your assets

You work hard to create wealth so your assets should be protected

About Us

Meet the team behind the scenes at Karaco and learn a little about our history and our business philosophy.

Karaco have been looking after the wealth creation, wealth preservation and statutory obligations of their clients for 20 years. Partners, Jim Karakoussis and Tony Giannopoulos have mentored a dedicated team of qualified practitioners who provide a unique approach in working with their clients every step of the way to help them determine and reach their goals.

The Karaco team is committed to providing innovative solutions dedicated to guiding our clients towards achieving their goals of wealth creation, wealth preservation and compliance with statutory obligations.

Karaco is located in the heart of the Balwyn village shopping strip and has received many industry awards, including the honour of being crowned, 'Top Victorian Accountancy Practice' by the Professional Investment Services Network.

Client Testimonials

Hear from a sample of our many happy clients about the positive experience they've enjoyed with Karaco.

One of my most successful business relationships is with Jim Karakoussis. Jim has been our external accountant and advisor since 2007. We have created a relationship that is built around mutual understanding, trust, confidentiality, best practice and partnering. The relationship generated trust from its inception. We value each other's time and use it wisely. Our mutual respect strengthens this relationship and makes it work very efficiently with no communication barriers. This relationship has enabled Greenbank to manage its risk portfolio very efficiently, making the company more profitable than it would have otherwise been.

Ria Redmond

Tony Giannopoulos was recommended to me 10 years ago and has been my Accountant ever since. I have never had a doubt that my Account would be handled with proficiency and care by very efficient and friendly staff at Karaco. This was no more evident than recently when I needed a problem to be addressed. Tony took control. Made the time to explain what had to be done and ensured the task at hand was completed straightaway. It's this level of service that I have received over the years that has me seeking Tony's advice first. I would have no hesitation in recommending Karaco to anyone looking for an Accountant that provides excellent service. I walked out of Karaco's office feeling a lot better than when I walked in! Thanks Tony.

Teresa Russell

Karaco Accountants have been instrumental in developing our Human Resources. From employment to termination and all stops in between Karaco have assisted us to develop a robust HR base in the areas of policy and procedure guidelines, manuals, staff development and employee assessment. Not to mention their expert knowledge of taxation related matters such as payroll and superannuation. They have become our first port of call for advice on Human Resources matters and I can recommend this service to anyone, no matter the size of their company.

Stephen Kelly

The advice of Karaco Accountants and particularly Jim Karakoussis has supported our company in its significant growth since our relationship commenced in 2005 and they have been an invaluable member of our business. We recently completed a major property acquisition and Jim's advice on structuring enabled us to save a significant amount of tax which was pivotal in being able to fund the purchase.

Joe Cannatelli

Karaco Accountants have been our business accountants for ten years. We have found both the partners and staff to be proactive, professional and capable in everything they do. Not only in terms of accounting and tax, but also practical business advice as well. I value Karaco's service and advice.

Peter O'Toole

It's the little things that make our working relationship with Karaco something special. Sure, like many firms, they have the necessary technical expertise to get the job done (and then some) however, with Karaco there is something extra. The attention to detail. A feeling that they care, that we are a part of their corporate family. A willingness to listen to what you want and need, not only in business but with regard to your personal financial situation. Their facilitation of Strategic Planning workshops ensures you think honestly about your business, where it is, where you wish it to be and what you need to do to get there. This means that the solution put forward and the work undertaken has been planned to fit, not just a pro-forma set of advice. And they are with you every step of the way, from inception to completion because their goal is to help us achieve our goals. We would readily recommend Karaco Accountants to any of my business associates and friends.

Jim Koutsoumidis

Karaco doesn't just provide me with great accounting, tax and financial advice for my business, but a whole host of other services such as marketing, leadership, and investment advice. This all-encompassing service has given Golden Monkey an unfair advantage over our competitors and is a key reason why we are Australia's Bar of the Year.

Adam Ong

We ensure your accounting and tax compliance is lodged on time

Lodged on time

Latest Accounting & Financial Planning News

Read the latest from the Karaco news desk in both the Accounting and Financial Planning sectors.

Accounting News

Estate planning considerations

Estate planning considerations

Estate planning is a complex area which requires careful consideration of tax implications.

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5 checklists to support your business

5 checklists to support your business

Find the list of tasks to be done in your business or reminders you need to know about.

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Changes to commercial and industrial property tax from 1st July 2024

Changes to commercial and industrial property tax from 1st July 2024

Commercial and industrial property is moving from land transfer duty (also known as stamp duty) and landholder duty to an annual property tax known as the commercial and industrial property tax (CIPT) reform.

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Are you receiving Personal Services Income?

Are you receiving Personal Services Income?

Do you earn personal services income (PSI)?

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What Employment Contracts Does My Small Business Need?

What Employment Contracts Does My Small Business Need?

As a small business owner, you may be looking to recruit employees in a variety of capacities and for a range of purposes.

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The superannuation changes from 1 July

The superannuation changes from 1 July

The super changes on the way from the start of the 2024-25 financial year.

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Hasty lodgers twice as likely to make mistakes, ATO warns

Hasty lodgers twice as likely to make mistakes, ATO warns

The Tax Office is warning taxpayers against rushing to lodge their tax returns on 1 July.

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Landlords who ‘double dip’, fudge deductions in ATO crosshairs

Landlords who ‘double dip’, fudge deductions in ATO crosshairs

The Tax Office has warned taxpayers to revise deduction rules and maintain proper records.

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Most Spoken Languages in the World

Most Spoken Languages in the World

Check out the Most Spoken Languages in the World

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Financial Planning News

SMSF assets reach record levels amid share market rally

SMSF assets reach record levels amid share market rally

How SMSF trustees are investing their retirement savings.

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Many Australians have a fear of running out

Many Australians have a fear of running out

Longevity risk is a growing concern for many working Australians as well as retirees.

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How to get into the retirement comfort zone

How to get into the retirement comfort zone

A third of Australians retire without a plan. Here's why you should have one.

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NALE bill passed by parliament

NALE bill passed by parliament

The bill that will introduce changes to the non-arm’s-length expenditure (NALE) provisions has passed through parliament and is now awaiting royal assent before it can take effect, possibly as early as 1 July.

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Compliance focus impacts wind-ups

Compliance focus impacts wind-ups

The ATO’s strategic increased focus on compliance is having a noticeable effect on the sector and is now the most common reason why many SMSF trustees have closed their funds, the latest Investment Trends research has shown.

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LRBA interest rates increase for 2025

LRBA interest rates increase for 2025

The safe harbour interest rate for related party limited recourse borrowing has changed for 2025.

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Income-free areas set to increase from 1 July

Income-free areas set to increase from 1 July

People nearing retirement often want to know how much they can earn before it affects their pension, and now there is a bit of good news on the horizon for SMSF members who receive the Age Pension.

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Most Spoken Languages in the World

Most Spoken Languages in the World

Check out the Most Spoken Languages in the World

Read More

Middle-to-higher incomes boosting SMSF growth

Middle-to-higher incomes boosting SMSF growth

The SMSF sector experienced healthy growth over the March quarter, with men and women on middle-to-higher incomes driving an increase in new funds established, according to statistics released by the ATO.

Read More

We leave no stone unturned

Our clients are more than just customers. We treat each business like our own and leave no stone unturned to make their goals, our goals.


Educational videos that explain different aspects of the industry in short, simple clips. Updated regularly!

Tools & Resources

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Our greatest assets are our clients. We treat each client as if they are our only one.

Thank you

Contact Us

We'd love to get in touch and we welcome any enquiry that you may have

Get in Touch

Karaco welcomes your enquiry. To book an appointment or simply ask us a question, fill in your details and we'll be in touch soon!

Our Office

Postage Address

  • PO Box 716, Balwyn VIC 3103

Business Advisory and Development

Business Advisory & Development

Whilst we understand that numbers are an important element in running your business successfully, we firmly believe that understanding the motivations and aspirations of people and organisational activities are critical to achieving future success.

Our Business Advisory and Development Services are focused on improving business performance and ultimately increasing the value of your business.

Services include:

Tax Planning

Tax Planning

An integral aspect of our business philosophy is recognizing that tax minimization is a critical element in the wealth creation and preservation process. To this end, our tax consulting services are focused on legally minimizing the tax impost on your business and personal affairs.

Services include:

Business Finance

Business Finance

Gaining access to cost effective capital is critical to the future success and growth prospects of any business. Obtaining finance can often be a long and arduous process. In order to make this process as painless as possible we can assist you with:

Tax Compliance

Tax Compliance

The introduction of the new tax system has had a significant impact on the compliance requirements for small businesses. We provide a broad range of tax compliance services so that you can focus on running your business.

Services include:

Business Accounting

Business Accounting

We provide a full range of Accounting Services to assist you in gaining an accurate picture of your business, to provide the basis for future planning and meeting your compliance obligations.

Services include:



Through our experience as Registered Company Auditors we recognize the importance of having confidence in financial information for making effective business decisions.

To this end our services include:

Computerised Accounting Services

Computerised Accounting Services

Quality, easily accessible management information is critical to business success in these turbulent times. In order to improve your decision making capacity we provide the following services:

Company Secretarial Services

Company Secretarial Services

Owning interests and holding Offices in Private Companies has many statutory obligations attached. In order to assist you with these matters we offer the following services:

Why seek financial advice

Why seek financial advice?

The decisions you make and the actions you take along the way heavily influence your financial future. It pays to make well considered decisions. Working with a knowledgeable financial adviser who takes a genuine interest in helping you improve your financial situation can make a world of difference to the life you create in the long run.

Finding the time to understand everything impacting your financial future can be time-consuming and difficult to know what you should do to ensure you are in a better financial situation. Working with Karaco Wealth gives you the benefit of a valuable partnership - receiving your adviser's insights, knowledge and practical ideas whilst remaining in complete control of what happens with your money.

What type of advice do you need

What type of advice do you need?

Karaco Wealth offers straight-forward, professional advice, helping you make the most of your money. Holistic financial advice is comprehensive, taking every aspect of your financial situation and aspirations into account. This should involve a life-long relationship with a trusted adviser. Event-driven advice on the other hand is provided intermittently in reaction to things happening in your life.

The type of advice you choose may depend on goals and what stage in your life you are in. Karaco Wealth can help determine the type of advice that would best suit you and your situation to give you the most value.

What difference can financial advice make

What difference can financial advice make?

Comprehensive financial advice or event-driven advice can make a significant difference in your financial situation guiding the actions you do or don't take, with regard to changing legislation, how you hold your assets (financial structuring), tax-saving opportunities, your level of wealth and personal protection, fluctuating interest rates and how and when you pay off your home.

Karaco Wealth can show you where money is going out when it should be staying with you as legislation rates and interest rates change reaching milestones and different stages in your life. There are many ways to make your money work harder when you are making an investment or saving for a child's education - earning you more in less time and cost cutting. For example, guidance from a financial expert can take years off the duration of a home loan, saving many people from spending more than they should on home loans.

Whatever you're aiming for, a relationship with Karaco Wealth can give you insight into how you can achieve long-term financial success and protect your wealth.

Karaco Wealth can identify any financial risks with that you and your family may be exposed to and ensure you look after what is important and that they're taken care of down the track - no matter what life brings. When you're busy focusing on your work and life, prepare for the unexpected to avoid something spoiling your plans or taking away something you have worked hard to gain.

Our advice process

Our Advice Process

Step 1: Structures – which are the most suitable for optimum outcome
We consider which legal or tax environment will provide you the optimum outcome: personal, company, trust or SMSF? What structure is appropriate not only now but in the future? We help you understand the pros and cons of each investment structure and the flexibility, accessibility, tax implications and short/long term ramifications of investing.

Step 2: Strategic asset allocation to minimise risk
In understanding your risk tolerances and investment needs both short and long term, we then help you understand the implications and investment decisions around which assets and investments are suitable for you and how to structure your returns for both short and long-term goals.

Step 3: Tactical investment selection
Knowing what investments to purchase relies on an in-depth understanding of the market and continuous benchmarking of your portfolio's performance. This is the active and interactive process of actually choosing, purchasing and adjusting the investments over time during which we regularly consider our Investment Committee's view on the economy, assets, risk and the most suitable investment styles.

Step 4: Regular portfolio reviews
The importance of regular reviews cannot be overestimated given the constant change in global markets - with legislation, technology and economics and political decisions. Our regular and disciplined monitoring of your investment portfolios are directed at enhancing and identifying potential problems before they emerge.



Superannuation is still the most tax effective investment vehicle to help save for your future retirement. The rules governing superannuation are always changing presenting both challenges and opportunities.

Our team of strategic wealth advisors are able to provide advice that allows our clients to continue to maximise the tax benefits within superannuation and implement strategies today to future proof your superannuation against future legislative change.

Self Managed Super Funds

Self Managed Super Funds

Setting up an SMSF is a major financial decision requiring the expertise of both an accountant and a qualified financial advisor. At Karaco we make it easier for you - our wealth advisors and accountants work together to offer end-to-end SMSF advice and services from set-up, administration, investment advice, audit, compliance management, right through to wind down.

You can discuss with your Karaco Wealth Advisor if an SMSF is the right choice for you in meeting your retirement needs.


Investments - Active Portfolio Management

In today's dynamic and global economy with changes to legislation, technology and investment markets, a different approach is required.

Our team of specialists together with our Investment Committee are constantly reviewing the latest changes and investment opportunities and have a proven track record in providing strategic investment advice tailored to the individual's investment time frame and risk profile.

Planning your retirement

Retirement Planning

Australians are living longer, healthier and more active lives in retirement, but how much money will be enough to suit your lifestyle and retire comfortably?

We can help you work out how much you will need to retire and the most effective investment strategies to ensure your money lasts and takes advantage of the government regulations and tax allowances.

Protecting your family

Wealth Protection

If you and your partner were unable to work due to major trauma, illness, injury or death, what would happen to your current lifestyle, business and your retirement plans?

No matter what age you are, having the right insurance protection is essential to your financial security and in protecting your family's lifestyle. Given the number of insurance providers in the market and different types of cover, it is important to talk to our specialist risk advisors to make sure you get the rights insurance to protect your family and your business.

Financing and lending services

Financing & Lending Services

Our team of lending specialists via Partners Lending are a full-scale finance brokering business specialising in providing tailored lending solutions for your personal and business needs.

We look at every lending solution in the market place across all the financial providers and present to you the right lending solutions and best negotiated rates.

Legal Services

Legal Services: Safeguarding Your Family's Wealth

Partners Legal provides specialist wealth management, estate planning, commercial, and property law advice and works closely with Karaco Accountants to deliver end-to-end integrated and seamless solutions.

Our role is to partner with you and your accountant to help protect your personal wealth, business and commercial interests through smart, innovative solutions and advice for even the most complex needs.

Business succession planning

Business Succession Planning

What happens if a business partner wants to leave a business or experiences a serious health or life event that forces them out?

Such a departure raises serious questions concerning the effective ongoing operations of a business and its future ownership. Having a predetermined plan to govern ownership and transfer of management responsibilities can minimise disruption to the business, protect your wealth and avoid painful and costly disputes.

Estate planning

Estate Planning

Estate planning is a specialised area that can involve many financial complexities. While no one intentionally leaves behind complications for their loved ones, countless families are burdened with the difficulties of an out-of-date will.

You can make sure it's easy for your loved ones to receive what you leave behind. Karaco Wealth will work in conjunction with you and your solicitor to ensure your assets will pass smoothly and tax-effectively to your loved ones.

Starting a family

Starting A Family

Welcoming a first, second or third child may be one of the most exciting and overwhelming times of your life. With a new child comes a new budget with many changes and a whole new life stage.

Financial decisions need to be made and it certainly pays to plan well ahead for such a significant time in life, especially if there's the chance your situation means changing from two incomes to one for any length of time. The cost of child care or an income reduction will have a financial impact throughout the child's lifetime and both or one parent may continue working and, depending on what's best for your family, the cost of child care while you're at work or a reduction in income will have a financial impact. The financial costs associated with having a baby can be surprising and related costs in raising the child need to be considered also.

When preparing for the arrival of your child, you may find yourself meeting the initial costs of furnishings for the nursery while you consider the day-to-day costs of looking after a baby. Some decide to buy another car while some may think about a larger home with a bigger backyard. The time also arrives when the options and costs for a child's education need to be considered.

Karaco Wealth can ensure these expenses are planned for, that your family and all you have worked hard to gain are protected and you can give your children the best start to life - regardless of what life brings.

Changing jobs

Changing Jobs

Changing careers can be stressful. Whether you love your job or you've been thinking about finding a new one, being without work or having to change careers unexpectedly can be planned for.

You may find yourself considering career options you hadn't given serious thought to before: undertaking training, seeking further education, looking for part-time work or considering working for yourself and starting your own business.

Have you considered the financial and emotional implications of changing jobs? These can be overwhelming and can affect other areas of your life. There are many options to be considered to ensure you'll be satisfied with the changes you're making and that you receive the entitlements due to you when you leave your current job.

Making time to speak with Karaco Wealth can give you the opportunity to explore the viability of your options, assess your future and ensure you stay on track to reach your goals.

Caring for aging parents

Caring for Aging Parents

As Australia's population continues to age, the proportion of people over 65 is rising. Many elderly people aim to remain independent and live in their own homes. But in some cases this isn't possible.

Fortunately, there are many options. Sometimes staying at home with regular support is possible and sometimes full-time in-home care is required. You may find that eventually you're faced with the difficult decision of helping your parents move to another residence where their wellbeing can be better supported.

Working with Karaco Wealth will ensure you're aware of the options available to your parents, that their needs are met and they do not unintentionally forego any financial entitlements.

Karaco Wealth will look at the structure of your parents' assets to maximise Centrelink aged-care and health-care benefits to help their savings and support them to stay at home.

The impact of capital gains tax as a result of the sale of any assets may also be reduced or avoided altogether.

Karaco Wealth can be there with you from the start to assist you with every aspect of exploring and managing your parents' options and needs. For example, by:

Receiving an inheritance

Receiving An Inheritance

Receiving an inheritance can leave you with mixed feelings. Dealing with the loss of a loved one, grief and other emotions can make it difficult to decide what to do. Sometimes during emotionally challenging times, the impact of tax and inheritance rules can be the last thing on your mind.

At such times, it can be comforting - and in your best interests - to speak with your financial adviser. You can then go through the grieving process more freely with the assurance that tax and inheritance rules won't eat into your money unnecessarily.

Depending on the types of assets you inherit and the way any money is passed on to you, there can be issues to consider and manage in order to maximise the amount you receive.

Often when a loved one dies we can be reminded about the importance of planning for our own beneficiaries and ensuring everything is as uncomplicated for them as possible.

Karaco Wealth can work with you and your accountant and lawyer to ensure you end up making the most of your inheritance, and can guide you in what you can do to ensure your loved ones are taken care of when you die.

Buying a property

Buying A Property

Advice from Karaco Wealth can make a big difference in how quickly you can own that home or investment property you have been thinking about buying. How you structure your mortgage, and considering any existing loans and savings accounts you have-makes a big difference to your long-term financial success.

Assess your financial position with Karaco Wealth and you can take years off the duration of your loan and own your property quicker.

Managing a divorce

Managing A Divorce

Whether you are married or in a de facto relationship, separating from your partner can be one of the most challenging times in your life. Current trends suggest that one couple in three will face the complicated emotional and financial issues of a separation or divorce.

When separating from your partner you'll need to review any joint investments, bank accounts, superannuation funds, personal insurance, health insurance, and possibly your tax arrangements. If you have children, you may need to address child maintenance arrangements too. In certain circumstances one or both parents may be entitled to temporary or long-term parenting payments from Centrelink.

By talking with Karaco Wealth you can be confident in your entitlements and options. Many people benefit from Karaco Wealth's insights and assistance when negotiating with their partner.

The challenges can be complex and Karaco Wealth can guide you through the financial implications of separation and help you prepare for the next chapter in your life.

Cyber Security – How Would Your Business Manage a Significant Data Breach?

With the Australian Government’s Notifiable Data Breach laws that have recently come into effect and the EU’s GDPR policies, data security is now a much bigger issue and the focus for managed I.T. service providers should be to protect end user data and reduce risk exposure for clients.

One specific incident occurred with a client. Their network was breached and all their files encrypted. Unfortunately the Anti virus solution did not pick up the specific strain of ransomware as it was a new variant in the wild. After encrypting the files, the attacker then proceeded to demand a monetary amount as ransom to release the data. Fortunately, their Managed I.T. Provider was monitoring their backup solutions, which were intact.

The I.T. engineers were able to remove the infection, restore the data back into the system and allow the organisation to keep working. The impact to the client was under one day to get the systems back up to a point that everything was business as usual. This then opened a conversation with the client resulting in improved security processes and the introduction of Next Generation Firewalls with Intrusion Detection, Malware detection, 2 Factor Authentication for log-on and policy consultation for Notifiable Data Breach Response plans and Disaster Recover/Business Continuity plans.

Karaco’s network of professional contacts includes an exceptional IT Managed Service Provider who can capably assist businesses to be more efficient and effective using technology to drive change and process.

To organise a consultation please contact by e-mail or ring on 03 9836 5711

Till Death Us Do Part

“I don’t need a will because everything will go to my partner anyway.” Sound familiar? True, if an asset is owned as ‘joint tenants’ it is as if each owner actually owns 100% of the asset. The laws of survivorship apply such that, if one joint owner dies, ownership will automatically vest in the surviving owner alone. The provisions of the deceased person’s will are irrelevant.

Some years ago, a young professional couple, let’s call them Jim and Bella, decided to formalise their 10 year relationship and marry before starting a family. During their 10 years together, Jim and Bella had accumulated a significant asset portfolio, including a home, an investment property, a blue chip share portfolio, and a healthy bank account. All of these assets were owned as joint tenants. In their personal names, they had some relatively nominal superannuation entitlements, modest life insurance and a European car each.

Jim and Bella were not ‘high net wealth’ as usually defined, but they certainly had accumulated an impressive array of assets and had been financially responsible at every opportunity.

In lieu of wedding presents, Jim and Bella requested cash gifts that would be used to reduce the home loan balance their home. Thanks to the significant generosity of Bella’s parents, a 6-figure amount was deposited into the couple’s joint bank account as they left for the airport on the following Monday morning, en-route to an exotic pacific island to enjoy a romantic honeymoon.

Their trans-pacific flight from Australia was uneventful. The light plane flight to the island was unsuccessful. All 7 people on board the 12-seater aircraft that Monday afternoon died instantaneously.

Where there is no estate planning documentation in place, the laws of intestacy determine how wealth is to be distributed, and the key issue in relation to jointly owned assets is whether they are owned as joint tenants or tenants in common.

For Jim and Bella, virtually their entire asset portfolio was owned as joint tenants. Where a couple have assets owned as joint tenants and die in the same incident, the law has a ‘tiebreaker’ rule that deems the younger of the couple to have survived the older.

In other words, the younger person to die will be deemed to own 100% of all jointly owned assets and, therefore, the younger person’s estate plan regulates the distribution of all wealth.

In this case, Jim was some 5 months younger than Bella, so the home, investment property, and share portfolio were, for the purposes of the estate administration, solely his. The cash at bank was also solely his, including the significant 6-figure deposit that had been gifted by Bella’s parents just a couple of days before the plane crash.

As Jim died without a valid will, the intestacy rules applied and all his wealth passed to his parents.

The relationship between the two sets of parents had always been at best awkward, and as the exact legal position in relation to the assets began to unravel, the relationship became positively hostile. Jim’s parents refused to share any of the wealth with Bella’s parents, and would not return the cash gift that they had made.

And the morals of the story? Beware of the distribution of jointly owned assets where all joint owners die, and ‘No Estate Plan = an Estate Plan’ - it just might not result in a desirable outcome.

Should you not wish this to happen to you please contact us for a free consultation.

Establishing The Right Structure From The Start Can Save You Time, Money And Heartache

We were involved with a start-up business 20 years ago who requested our advice when establishing an operating structure for the business. The structure recommended was a Family Trust for flexibility together with a Trustee Company for limited liability. Both also provided some perpetuity for the future.

In order to reduce exposure to liability for the spouse and to retain ultimate control of the operating business by the client, it was agreed that the client be the sole director and shareholder of the trustee company and the sole appointor of the trust. As the business expanded, distributions were shared amongst the family in the most tax effective manner. Unfortunately, the client and the spouse separated and ultimately divorced.

The structure allowed for the client to continue operating the business with limited interference from the spouse during the break-down of the marriage. Although the structure was included in the assets of the family pool, it enabled the spouse to receive a tax effective settlement funded by the business for a period after the divorce. The client was able to retain the business and the structure as part of the settlement which allowed the continued operation of the business with minimal interruption. Throughout this process we were able to assist both parties to reach a mutually acceptable outcome with the assistance of mediation.

Goal Attainment = Small Business + Professional Help

When Chris and Jessica came to us, they were in their late 40’s, married with three children and running a personal training/fitness business. They came to us to help grow their business so that they could sell it and use the proceeds to fund their retirement. We started off by preparing a valuation for the business to confirm where they stood. We worked with them and our financial planning arm, Karaco Wealth to calculate the gap between where they were and where they’d need to be, in order to retire when they wanted and enjoy their desired standard of living for the rest of their days.

We helped transition the business to a live cloud-based accounting platform so that Chris and Jessica could spend less time attending to bookkeeping and more time growing the business. As we now had access to live data, we prepared budgets for the business and met with Chris and Jessica on quarterly basis to review the results, identify problems early in the process and discuss strategies for growing sales.

On an annual basis, we undertook a fresh valuation of the business to measure the progress made towards their goals as a result of our collaboration. After 10 years of working with Karaco, Chris and Jessica have recently sold their business and the proceeds, now invested through a self-managed superannuation fund, have provided a healthy nest egg, which has allowed them to retire, spend their days travelling as they eagerly await grandchildren. In addition to helping grow the business, we also identified other issues that needed to be addressed to ensure Chris and Jessica’s financial security and peace of mind.

We sought to restructure the business from being in joint names to a family trust, ensuring a greater degree of asset protection for the family home, while avoiding any tax impost through the use of the small business restructure rollover provisions. Furthermore, once we saw the interest rate that Chris and Jessica were paying on their home loan, we arranged for refinancing, which saved Chris and Jessica approximately $9,000 a year. As their wills were drafted before they became parents, we arranged for them to see the team our referral partners to have the wills brought up to date, which when combined with an insurance review undertaken by Karaco Wealth, provided peace of mind that their children would be properly looked after in the event of a tragedy.

If you’d like to become a part of the Karaco family and have a team of dedicated professionals looking out for you, please contact us on (03) 9836 5711.

Jim Karakoussis

Jim Karakoussis

B. Bus CPA


Jim commenced his career in 1983 with the Australian Taxation Office. In 1987 as a Senior Manager he joined Pannel Kerr Forster as a Senior Taxation Consultant, specialising in advising public practitioners on tax audits and complex taxation issues. Since establishing his own practice in 1991, Jim has broadened his focus to a range of business advisory services for his clients.

Jim's skills in guiding small to medium enterprises in implementing business development programs is well known.

Throughout his career Jim has been determined to give back to the community, in a number of ways. For example, he has held a senior position on the Board of one of Australia's leading sporting clubs.

Tony Giannopoulos

Tony Giannopoulos

B. Eco CPA


Tony commenced his career with Arthur Young in 1980 gaining significant experience in taxation and consulting. In 1985 he established his own accounting and consulting practice.

His professional focus includes a unique range of business advisory skills that have seen Tony chair or act as an adviser to various private company boards.

He also provides innovative human resource services for many clients to allow them to focus on their core business activity.

Nathan Tiberi

Nathan Tiberi

Senior Financial Advisor


Nathan has worked in Financial Planning for over 20 years, including working as a Business owner for 14 years. Nathan is a highly motivated, Senior Financial Planner who is driven to provide you seamless and complete wealth solutions for your personal and business financial needs.

Nathan works with a very diverse client base, including executives, SME business owners, individuals and families requiring holistic wealth management and strategic advice. Nathan places a high emphasis on developing long term relationships with his client base and providing solutions to clients in an effective and easy to understand manner.

How you spend your free time? What are your hobbies and what do you enjoy doing outside of work?

Away from work, Nathan enjoys spending time with his family, travelling and watching the local football at Noble Park.

Ben Savige

Ben Savige

Senior Financial Advisor


After working in the UK Ben returned to Australia to further his financial planning career and has been working as a strategic wealth advisor with the group for over
eight years. Ben is a highly motivated individual who is passionate about his clients achieving financial security and freedom. He brings extensive expertise to Karaco Wealth and a track record of long lasting client relationships for whom he has helped achieve smarter wealth solutions at every stage of their lives.

Ben provide you with strategic advice as well as arrange the types of financial products listed on our website. He can help you to identify the types of services and products that will be appropriate to meet your financial goals. In addition, you can choose whether to receive advice about a range of needs all at once, or we can provide advice about only those needs that are most important to you so that your most important goals are achieved first. Further advice can then be provided over time about any other needs or goals as required.

Advanced Diploma of Financial Services (Financial Planning)

Financial Planning Association®

Renato Di Candido

Renato Di Candido

Senior Financial Advisor


As an experienced financial advisor, Renato derives great personal satisfaction from helping you to achieve your goals through high quality, personal financial advice.

With 10 years’ of experience in the industry, Renato is highly motivated to help his clients achieve their own personal security and financial freedom.

When you meet with Renato you’ll find that his greatest strength is understanding his clients and providing easy to understand solutions. As he focuses on developing a strategic plan that provides comfort and security, he also wants to develop a long-term relationship with you.

You will find that Renato can also assist you with complex personal insurance needs that require simple, straight forward solutions.

In his spare time he has a passion for football and soccer and is often seen participating on the soccer field on a Saturday afternoon.

John Thompson

John Thompson

B. Com CA


Since starting his career with PwC in 1999 as transfer pricing specialist, John has broadened his horizons and has worked as a business advisory accountant and manager in a number of mid-tier and boutique firms before joining Karaco in 2016. He’s worked with clients in a wide range of industries including property development, agriculture, hospitality, professional services and wholesaling.

During his career, John has developed a passion for identifying opportunities and providing solutions for clients regarding their taxation obligations that ensure they meet their varied and increasingly complex statutory requirements, while making the most of the concessions afforded to them.

Further to this, John takes great pride in working with clients to affect changes that result in them realising their goals.

Outside of work, John is an avid PC gamer and professional wrestling fan.

Cherry Ding

Cherry Ding



Cherry joined Karaco Accountants in September 2011 and never looked back.

With more than 15 years of experience in commercial taxation and business advisory, Cherry manages a team of experienced CA and CPA accountants, with clientele ranging from manufacturing, wholesale, retail and medical industries, to not-for-profit aged care facility. Cherry is a specialist in SMSF cloud-base accounting with an excellent knowledge of legislation changes and the pathway to retirement.

Cherry is passionate about assisting business owners to achieve their life goals. Not only can Cherry help in growing client’s wealth and taking their stress away from meeting the increasing compliance requirements, she is also committed to help them through hard times and come out stronger and happier.

Cherry enjoys spending time with her family, movies and travel.

Simon Le Page

Simon Le Page

B. Bus, CA


Simon commenced his career with PwC in 1986 where he gained valuable experience in business advisory consulting, taxation and audit services. He has been involved in similar roles in other accounting firms but predominantly in providing business services accounting, taxation and consulting advice to small and medium size business and has continued to do so since he joined Karaco Accountants in 2007.

Throughout Simon’s career he has developed strong and trusted relationships with many clients due to his dedication and loyalty. He is committed to providing relevant, current and valuable service and advice to his clients.

Simon’s specialisations include small business accounting and systems implementation and support, business advisory services and fringe benefits tax and is keen to increase his knowledge regarding emerging technologies so he can assist our clients to move forward and remain competitive and relevant in the ever changing digital world we now all live in.

Simon’s interests include movies, music (concerts), technology, fitness (regular gym goer), home renovations and when he gets the opportunity takes his jet-ski out for a blast. He’s also a keen traveller and can make some recommendations from his most recent South East Asian travels.

Nicole Mikoska

Nicole Mikoska

Administration Manager


Nicole joined Karaco in 2012 as Administration Manager.

Beginning her career in Accounting Administration in 2000 within a second tier firm based in St Kilda, Nicole brings almost two decades of administrative experience spanning all aspects of Accounting Administration.

Her role is to ensure that Karaco remain up-to-date in a competitive market by setting administration policy and functions, overseeing our digital media presence, supervision of administration staff, I.T. and the day to day operations of the office. Nicole also provides a support role to the Partners, Managers and Staff of Karaco.

Nicole enjoys spending time with her young family, cooking and baking and singing along to radio when filling in on reception.

Secure File Transfer is a facility that allows the safe and secure exchange of confidential files or documents between you and us.

Email is very convenient in our business world, there is no doubting that. However email messages and attachments can be intercepted by third parties, putting your privacy and identity at risk if used to send confidential files or documents. Secure File Transfer eliminates this risk.

Login to Secure File Transfer below, or contact us if you require a username and password.

Secure File Transfer

Please enjoy the links to these free tools supplied by MoneySmart - a great resource for general financial information. Please get in touch if you would like to discuss any questions that you may have as a result of using these calculators.

Tax Planning

Please click on the following links to access the checklists most appropriate to your needs.


Company Trust Partnership

Superannuation Funds

Tax Diary

Tax Deductions by Job

Fix Key Risk & Value Drivers To Get Your Business Back On Track

The business landscape has shifted significantly. Non-financial internal and external risks, most notably COVID-19, have had a devastating impact on businesses with many having to close and face the prospect of never re-opening.

Our new research confirms that SMEs that survive have plans in place. Businesses that identify, adapt and take advantage of opportunities will emerge stronger.

Business planning involves analysing and fixing key risk and value drivers in your business that, when addressed and resolved will protect one of your major sources of income and wealth – YOUR BUSINESS!

Start your business plan by completing our free Short Risk and Value Driver Assessment (RAVDA) to identify key non-financial risks.

Business Plan (Short Risk and Value Driver Assessment (RAVDA))

Legal Disclaimer

Information provided on this website is general in nature and does not constitute financial advice.

Karaco Wealth will endeavour to update the website as needed. However, information can change without notice and Karaco Wealth does not guarantee the accuracy of information on the website, including information provided by third parties, at any particular time.

Every effort has been made to ensure that the information provided is accurate. Individuals must not rely on this information to make a financial or investment decision. Before making any decision, we recommend you consult a financial planner to take into account your particular investment objectives, financial situation and individual needs.

Karaco Wealth does not give any warranty as to the accuracy, reliability or completeness of information which is contained in this website. Except insofar as any liability under statute cannot be excluded, Charter Financial Planning, its employees do not accept any liability for any error or omission on this web site or for any resulting loss or damage suffered by the recipient or any other person.

Unless otherwise specified, copyright of information provided on this website is owned by Karaco Wealth. You may not alter or modify this information in any way, including the removal of this copyright notice.