Discretionary trusts, commonly referred to as family trusts, have long served as a cornerstone of Australian financial planning. For decades, business owners, primary producers, and family groups have relied on their flexibility to hold assets,…
For decades, trust structures have been a fundamental part of the Australian financial landscape—favoured for their flexibility, tax efficiency, and asset protection benefits. But as regulatory scrutiny increases and compliance becomes more demanding, many are…
The Federal Government has proposed a new superannuation tax, Division 296, which could see individuals with large super balances paying an additional 15% tax on earnings. While not yet law, the proposed measure has generated…
The ATO has released its final position on how it will apply some integrity rules dealing with trust distributions – changing the goal posts for trusts distributing to adult children, corporate beneficiaries and entities with…
It’s not uncommon for people to put assets such as their family home into a trust, particularly professionals working in litigious fields or family groups wanting to protect assets. A recent case highlights some of…
A consistent theme this tax time is overclaiming and under-reporting. With the Australian Taxation Office (ATO) getting more and more sophisticated in its data matching approaches, taxpayers can expect greater scrutiny where their claims are…
Recent changes to State laws may trigger a surprise tax bill for family trusts (discretionary trusts). The problem for family trusts stems from recent legislative changes in New South Wales (NSW), Victoria (VIC) and Queensland…
With the 30 June just weeks away there are numerous things to consider for small businesses, trustees of discretionary trusts and companies in general. Here are a few of the main ones: Small Business Entities…
