Trusts are a flexible and tax effective structure that are ideal for building passive wealth. With close to 1,000,000 registered trusts in Australia (per the ATO data) there are several key advantages, but these need to be balanced with the cost and additional administration of operating a trust structure. Key advantages Key principal advantages of […]
Last week’s unanimous Full Federal Court decision in Commissioner of Taxation v Bendel (“Bendel”) indicates that the Australian Tax Office’s (ATO) views since December 2009 about unpaid present entitlements (“UPEs”) should no longer be sustainable in the context of Division 7A. While we wait for further announcements from the ATO or the Federal Government (regarding […]
Key points What are Special Disability Trusts (SDTs) and how do they work. The financial benefits of SDTs ranging from tax benefits and exemptions from asset and income tests. The need for professional support in establishing a SDT. Caring for a loved one with a severe disability is deeply personal, requiring carers and families to […]
Pitcher Partners Sydney hosted a live webinar that helped attendees understand the key proposed tax changes likely to affect individuals and families with ties to both the UK and Australia. This webinar addressed whether the new changes would require attendees to plan differently for possible inheritance tax exposure. More specifically, our speaker Private Business and […]
Levi Holdsworth takes immense pride in his role at Pitcher Partners, where he is dedicated to serving the middle market with a personal touch. With 15 years of industry experience, he specializes in high-net-worth individuals, family offices, small to medium-sized businesses, property development, construction, hospitality, and entrepreneurial start-ups. Bringing a unique perspective as the son […]
The ATO has issued an interim decision impact statement following the AAT’s decision in Bendel v FCT, currently on appeal to the Federal Court.
A strategic advisor with a diverse range of experience, Anna assists private clients within the Pitcher Partners network with their estate planning strategies and goals. Anna has been practising law for almost two decades and is an accredited specialist in the area of Wills and Estates. While her career started in private legal practice in […]
A highly regarded professional, Lisa has an impressive career spanning more than 20 years. During her tenure with Pitcher Partners’ Adelaide firm, she has gained significant experience providing accounting and compliance services and advice, including business structuring, tax planning, finance applications, business structuring and general taxation advice and strategies to a diverse range of clients. […]
Recent court cases and ATO guidance products present additional challenges for trustees when considering how to distribute trust income.
The ATO has finalised draft guidance on the application of section 100A to trust entitlements, staying close to the original released earlier this year. The finalisation comes despite two cases (both for and against the Commissioner) currently on appeal to the Full Federal Court. The guidance provides a very stringent view by the ATO on what may fall within the scope of section 100A. This may create significant risks with respect to trust distributions that will need to be managed very carefully.
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