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ATO Draft Legislation Regarding Taxation of Trust Distributions
Heading into the 2022 tax planning season, the ATO have come out with a "curve ball from out of left field" (to use baseball vernacular) by drafting legislation targeting - or as many in the accounting profession have termed "attacking" - discretionary trust distributions to adult children, where the amount sits as an unpaid present entitlement and could be taxed at the highest tax rate of 47% irrespective of the child reporting it in their tax return and paying tax on it themselves!
Louie welcomes SCBA Senior Client Manager Nihit Mittal back on the podcast to discuss this game-changing legislation, as well as the changes also being proposed to unpaid present entitlements made to corporate (a.k.a. company) beneficiaries.
Certainly one not to be missed!
Contact us:
P: (03) 5018 6444
Disclaimer: Shooting for the Stars Podcast is provided for general information purposes only and does not constitute accounting, legal, tax, or other professional advice. Listeners should not act upon the content or information without first seeking appropriate advice from an accountant, financial planner, lawyer or other professional.
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By Southern Cross Business AdvisersHeading into the 2022 tax planning season, the ATO have come out with a "curve ball from out of left field" (to use baseball vernacular) by drafting legislation targeting - or as many in the accounting profession have termed "attacking" - discretionary trust distributions to adult children, where the amount sits as an unpaid present entitlement and could be taxed at the highest tax rate of 47% irrespective of the child reporting it in their tax return and paying tax on it themselves!
Louie welcomes SCBA Senior Client Manager Nihit Mittal back on the podcast to discuss this game-changing legislation, as well as the changes also being proposed to unpaid present entitlements made to corporate (a.k.a. company) beneficiaries.
Certainly one not to be missed!
Contact us:
P: (03) 5018 6444
Disclaimer: Shooting for the Stars Podcast is provided for general information purposes only and does not constitute accounting, legal, tax, or other professional advice. Listeners should not act upon the content or information without first seeking appropriate advice from an accountant, financial planner, lawyer or other professional.