With 30 June approaching, one of the annual year end processes required of a trustee is to ascertain the proportion of the income of the trust estate that is to be appointed to certain beneficiaries. Often a desired tax outcome is one of the factors considered in making this decision.
The recent release of a trio of tax guidance documents by the ATO addressing section 100A, has caused quite the stir amongst advisors and their clients. Of key concern is the apparent retrospectivity in which the Commissioner’s views expressed in these documents could be applied.
The recent release of a trio of tax guidance documents by the ATO addressing section 100A has been described as being the most significant development for trust taxation in almost 40 years. In this article we focus on a key shortcoming of the anti-avoidance provision.
Section 100A can apply to trust distributions where a beneficiary is made presently entitled to a share of trust income and that present entitlement arose out of a reimbursement agreement. This draft ruling is intended to address the exclusions – in other words the situations where section 100A does not apply.
It is common knowledge amongst advisors to self-managed super funds that the in-house asset rules apply to investments in related trusts. It is also quite
Do you, or a client, have a discretionary trust that owns, has owned or intends to purchase ‘residential land’ in NSW? Alternatively, is there a
An ongoing trend in tax is the increasing standards that have to be met by both taxpayers and by tax agents. Long-standing practices are
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