The specific terms of your trust deed can mean you will either save or lose money in income taxes. It is important your deed is up to date and gives the trustee all the powers it needs to optimise the trust’s tax position.
If you are heading overseas for an extended period of time, and have a SMSF, then you need to do some housekeeping before you leave.
We previously talked about how the recent SA land tax changes have significant impacts on trusts (particularly discretionary trusts) that own land (see that here). Those changes mean that trusts will see a substantial increase in their land tax bill from 1 July 2020 unless they nominate one of the trust’s beneficiaries to be [...]
You may have recently received a letter from RevenueSA asking you to take action in relation to your trust by 3 June 2020. This is because the SA Government has recently made changes to its land tax law. Find out about your options.
'Asset protection' is the phrase given to strategies that seek to keep assets out of harm's way. Want to know more about this strategy?
Avoid Additional Stamp Duty in Victoria – Exclude Foreign Beneficiaries from Your Discretionary TrustAndrew2020-05-18T08:20:24+09:30
The Victorian State Revenue Office (SRO) has announced that from 1 March 2020 it has adopted a new approach in applying the ‘foreign purchaser additional duty’ (FPAD) provisions of the Duties Act 2000 (Vic) to discretionary trusts. Make sure you don't get caught by this additional 8% of duty.
We have a lot of dentist clients who have downed tools during the Level 3 restrictions. One thing they have in common is that they’re making lemonade out of lemons and getting their practices ‘shipshape’ for when the restrictions are downgraded back to Level 1 or 2. If this sounds like you, read on!
This is a big question. The answer is going to depend on a range of factors, but there are some general rules you can apply.
If you are carrying on a business through a partnership, then we strongly suggest you consider moving to a company. Find out why will hold this opinion.
Download our comprehensive guide to controlling your family trust.
A common frustration experienced by primary producers is that they cannot use their super savings in their business. Not being able to access your retirement savings until you are 60 (generally) and retired, can feel like you are diverting capital away from where it is needed. One way around this issue is to own farmland in your Self-Managed Super Fund (SMSF).
The trustee of your SMSF is all-powerful. The trustee decides how much money you can put in the fund, who else can join, how your money is invested, how much gets paid out to you and when, and finally who gets what’s left over when you die. So how do you ensure the trustee of your fund continues to do the right thing when you can no longer be involved? There are a number of strategies you need to have in place
If you hold residential land in NSW in a discretionary trust, chances are you will be subject to surcharge land tax due to changes that take effect at midnight on 31 December 2019. We can help you avoid the surcharge.
Does your discretionary trust hold residential land in NSW? If so, 31 December 2019 is an important date for you. The State Revenue Legislation Further Amendment Bill 2019 was introduced to the NSW Parliament on 22 October 2019. Once law, the effect of the new legislation is to deem a discretionary trust a foreign [...]
Do you want to be more strategic in your charitable giving, make a real impact on the community and create a lasting legacy as part of your family’s story? Private Ancillary Funds (PAFs) can be a great option to achieve these goals. To help you decided whether PAF is right for you, we’ve pulled together our answers to 5 questions we are frequently asked by those considering establishing a PAF.