Trusts

discretionary-trust

Understanding Discretionary Trust Distributions

By Wen Wen / July 2, 2020

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 […]

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Understanding trust distributions and its tax implications

Understanding Trust Distributions

By Wen Wen / February 24, 2020

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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The ATO's trust risk rules

ATO’s Trust Risk Rules (What You Need To Know)

By Wen Wen / August 20, 2019

The ATO has set rules to identify risk compliance issues The ATO says it recognises that most trusts are used appropriately and for legitimate purposes. It says it will continue to help those who make genuine mistakes or are uncertain about how the law applies to their circumstances. But even so, the ATO has a […]

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Streaming Trust Capital Gains And Franked Distributions

By Wen Wen / July 3, 2017

This information is for trustees and beneficiaries of trusts that make capital gains or received franked distributions. Trust Capital Gains A recent statement from ATO declares: If not prevented by the trust deed, you can stream a trust’s capital gains and franked distributions to beneficiaries for tax purposes by making these beneficiaries “specifically entitled” (more […]

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pros and cons of family trusts - image

Family Trusts | Pros, Cons And Processes

By Wen Wen / February 22, 2017

What is a Family Trust and why I might need one? Trusts are an important and very useful concept for managing your financial affairs, as well as for estate planning. The purpose of the family trust is for you to progressively transfer your assets to the trusts, so that legally you own no assets yourself, […]

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Trust Compliance With Anti-avoidance Rules

By Wen Wen / February 16, 2016

Is your trust complying with anti-avoidance rules? The ATO advised recently that it is reviewing selected trusts’ compliance with anti-avoidance rules under S 100AA and 100AB of ITAA 1936. The purpose of anti-avoidance rules These anti-avoidance rules are designed to prevent trustees using tax-exempt entities to shelter the trust’s net income. The ATO is looking at situations […]

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