Recent developments have confirmed the critical importance of trustees properly considering which beneficiaries should receive distributions and how those distribution entitlements are satisfied.
Recent court cases and ATO guidance products present additional challenges for trustees when considering how to distribute trust income.
An income tax generalist with over a decade of experience, Leo specialises in CGT, Trusts, Corporate Tax and Division 7A. He also sits on various committees including those with CA ANZ and the Tax Institute of Australia. Truly passionate about all things tax, he is constantly developing his deep expertise and keeping informed as to … Continued
The Full Federal Court has handed down its decision in FCT v Guardian AIT Pty Ltd [2023] FCAFC 3 (“Guardian”) which considered the application of anti-avoidance rules to trust distributions to a corporate beneficiary.
The ATO has finalised draft guidance on the application of section 100A to trust entitlements, staying close to the original released earlier this year.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.
Irina specialises in state taxes, including duty and land tax. Throughout her career, she has provided comprehensive and practical multi-jurisdictional advice on the consequences and opportunities across several sectors in relation to a broad range of matters. These matters include business and asset acquisitions, corporate group restructures, strategic structuring of transactions and projects to achieve … Continued
As a chartered accountant with over 10 years of experience in public practice, Ben is a well-rounded professional with diverse industry experience with particular expertise advising on taxation issues affecting corporate and multinational clients with an emphasis on the resources industry. With an impressive breadth of international experience under his belt, Ben has advised outbound … Continued
Earlier this year, the ATO released long-awaited guidance on the application of section 100A. Find out more.
Four years after suspending their guidelines relating to the allocation of profits of professional firms, the Australian Taxation Office (“ATO”) released PCG 2021/4 (“Guidelines”) setting out its revised compliance approach.
Elizabeth offers tax advisory services to a range of clients including those in the information, communications and entertainment industries, manufacturing and industrial markets, mining industry and funds management sector. Over the life of her career Elizabeth has solved complex tax issues, with her main focus always on gaining the best results for her clients. Elizabeth … Continued
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