Latest News
Hot Issues
ATO clears up FAQs about Single Touch Payroll
GST reporting: common errors and how to correct them
LRBAs, guarantees in need of review after property market falls
Victorian Property Valuation Cycle
Australia - toward EOFY 2019
Australian Taxation Office (ATO) expects 200,000 to miss out on refunds by failing to lodge
Biggest personal tax cuts in a decade a priority for Government
Government rules out GST changes following ATO report
ATO issues warning after ‘unprecedented’ spike in impersonation scams
Crypto transactions in ATO sights with new data-matching program
Government to establish $2 billion fund for small business lending
Small business corporate tax rates Bill is now law
ATO to double rental deduction audits to 4,500
ATO set to issue excess super contribution determinations
How's Australia going as we approach the election?
Single Touch Payroll (STP) is compulsory for all small businesses.
Federal Budget 2019 - Overview
How the 2019 Federal Budget affects you
FBT Reminder – Odometer Reading
‘Big awareness push’ underway as STP deadline approaches
GST collection on overseas goods at 300% of forecasts
The problem with getting to 53 years of age.
Lost Beneficiaries
New quarterly STP reporting method for closely held payees revealed
Some Australian figures to help on Budget night.
Employers hit with rolling SG audits as ATO toughens stance
Resources to help understand and implement Single Touch Payroll (STP)
Big fines, prison on the cards as new SG penalties introduced
Extra website resources and tools is one way we offer you and your family more.
FBT Exemption for Various Work Vehicles
Articles archive
Quarter 1 January - March 2019
Quarter 4 October - December 2018
Quarter 3 July - September 2018
Quarter 2 April - June 2018
Quarter 1 January - March 2018
Quarter 4 October - December 2017
Quarter 3 July - September 2017
Quarter 2 April - June 2017
Quarter 1 January - March 2017
Quarter 4 October - December 2016
Quarter 3 July - September 2016
Quarter 2 April - June 2016
Quarter 1 January - March 2016
Quarter 4 October - December 2015
Quarter 3 July - September 2015
Quarter 2 April - June 2015
Quarter 1 January - March 2015
Quarter 4 October - December 2014
Quarter 4 of 2014
Articles
FBT – Christmas Parties and Taxi Fares
Hiring older employees
Deadline - 19th December 2014
Traps in Making Family Trust Distributions
Data matching offshore bank accounts
Estate planning in an SMSF.
Maximising the benefit of Credit Cards
Warning on Bank Offset Accounts
Mining tax gone but watch for associated tax changes
Traps in Making Family Trust Distributions

 

Taxpayers and tax agents need to work closely together to avoid trust distribution problems.


     

Some examples are:-    


Who are the beneficiaries?


Is the proposed beneficiary really a beneficiary?  What does the trust deed say?  Check out who the excluded beneficiaries are.  Has anyone renounced or disclaimed their beneficial interest?  Has anyone been removed as a beneficiary?


Is the information correct?


If they are not named in the trust deed as a beneficiary, then consider whether they have been subsequently nominated.  Any trust documents are relevant from the beginning of the trust.  Has the deed been varied?  Has the definition of income been varied?


Vesting dates


A distribution might be made by one trust to another trust.  If that vesting date is more than 80 years after the date of commencement of the distributing trust, then the distribution is void.


What is income?


When there are differences between the trust income and taxable income, there may be an unexpected tax outcome.


Make sure you can rely on the trust’s tax returns and financial reports and that they are being prepared by a competent accountant.


Default beneficiaries exist?


If a resolution fails, any income or capital gain is distributed to the default beneficiaries (in the deed) and this will avoid the trustee being assessed on the income or capital against at the top marginal rate.  Are the resolutions so contingent that there is uncertainty – hence ineffective?


 


AcctWeb




7th-November-2014

| home | our firm | about us | our compliance services | our consulting services |
| our pricing structure | secure FTP | latest news | links | contact us
|

CORPTAX SOLUTIONS Pty Ltd Chartered Accountants & Registered Tax Agents
ABN 83 095 268 358 | 23 St Helier Drive SORRENTO, WA. 6020 Australia | Phone: + 61 8 9246 9536 | Fax: +61 8 9246 9588
e-mail : info@corptaxsolutions.com.au

Site By AcctWeb