Trusts
Trusts in Business | Navigating The ATO Crackdown & Evaluating Benefits
Understanding the recent ATO crackdown on trusts The recent ATO crackdown on trusts will no doubt have some business owners (and even some advisors) asking themselves the question: Is this structure for business purposes still worth it? To recap, trust distributions have been under the ATO microscope in recent years. The latest ATO crackdown was […]
Read MoreATO Finalises Section 100A Guidance For Family Trusts
The ATO releases final guidance on Section 100A for family trusts The ATO released its final guidance material on the application of section 100A on 8 December 2022 – TR 2022/4 and PCG 2022/2. In doing so, it has clarified a number of issues which is welcome. To recap, the ATO in February 2022 updated […]
Read MoreGet Your Director Identification Numbers ASAP
Director ID, time is ticking… All existing directors of a company, a registered Australian body, a registered foreign company, or a director of corporate trustees of an SMSF are required to apply for a director identification number (director ID) by 30 November 2022…so act now! If you are a director of an Aboriginal or Torres […]
Read MoreTax Implications On Trust Distributions To Non-Resident Beneficiaries
Trust distributions to non-residents When an Australian trust makes a distribution to a non-resident beneficiary, it is often the case that the Australian trust is required to pay tax on the distribution. The trustee’s payment of tax on trust distributions to non-resident beneficiaries of an Australian trust is a tax collection security measure. It is […]
Read MoreUnderstanding Discretionary Trust Distributions
Purpose of trust distributions Distributions from trusts and the taxation of those distributions is complex. This is an attempt to simplify the topic. The purpose of a trust is to separate the legal and beneficial ownership of assets. The legal ownership of the asset rests with the trustee. The beneficiaries benefit from the income that […]
Read MoreUnderstanding Trust Distributions
Purpose of a trust Distributions from trusts and the taxation of those distributions are complex. That’s why we want to simplify this subject for you. The purpose of a trust is to separate the legal and beneficial ownership of assets. The legal ownership of the asset rests with the trustee. The beneficiaries benefit from the […]
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