In the lead-up to 30 June, you can avoid paying an extra tax of up to 47% of Trust profits by completing your Trust Distribution Resolutions before 30 June.
If a Trustee of a Trust fails to make a resolution to distribute the income of the Trust before the end of
the financial year, the Trustee may be assessed by the Australian Taxation Office (ATO) on the Trust income at the highest marginal tax
rate of 47%, rather than the intended beneficiaries being taxed at generally much lower tax rates.
The sooner we get started with preparing your Trust Distribution Resolutions, the sooner we can help you save tax - well before 30 June for sufficient time to implement tax saving strategies.
Don’t let it crumble from underneath you
It’s nearly BAS time again - tips to make BAS processing easier
BAS time seems to come around quicker and quicker! Here are some tips to try and make it a little easier!
With June 30 quickly approaching we are pleased to provide our year end checklists and questionnaires to help you get organised.
Falling behind on your BAS lodgements looks like an administrative problem. Left long enough, it becomes an expensive one, because the GST you collected stays payable indefinitely while the GST credits you are owed disappear after four years. Here is what that looks like in dollars.
With negative gearing now quarantined for established dwellings, new house and land has become the sensible play for investors — but there is a trap in the first eighteen months. Interest on the land is denied, while interest on the construction is not. If the bank has written one loan, someone has to do the sums. Here is why it pays to split the loan before you sign.
When the draft legislation for the trust minimum tax was released, it came with a reassurance: if you do not want to restructure, you can simply make an election instead — no restructure, and no state stamp duty. That is accurate, but it is also a very small part of the decision. Here is why you should choose your structure for the eventual sale of your business, not for the announcement.
