When preparing end of year trust distributions it is important to consider the impact of any foreign person exclusions in the trust deed. Failure to consider this and to get it right can result in the trust distribution being ineffective and the trust income being taxed to the trustee at 47%. But, the fix to the problem may be as simple as a deed amendment.
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Read MoreIts finally arrived! The ATO’s alternative decline in turnover test was released yesterday, 23 April 2020. We have all the answers here.
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Read MoreBoth the Federal and NSW Governments have now passed laws in support of their stimulus packages to address the economic impact of the COVID-19 pandemic. The laws provides substantial measures for small and medium enterprises including..
Read MoreThe tax laws are being amended with effect from 1 July 2019 to deny tax deductions to individuals, private trusts and SMSFs for costs incurred by them in relation to holding vacant land except in limited circumstances.
Read MoreThe NSW Government has proposed amendments to foreign person duty and land tax surcharges for discretionary trusts that may require trustees to amend their trusts deeds prior to 31 December 2019.
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