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ATO: Final Position on Risky Trust Distributions

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…

Who owns the assets of a trust?

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…

Tax Time: Are you in the ATO’s sights?

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…

State Tax Warning on Family Trusts

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…

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