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Can a beneficiary disclaim their entitlement to Family Trust income?

Build Family Trust Distribution Statement online Price Family Trust – Distribution Statement 2016/2017 $22 Family Trust – Distribution Statement 2015/2016 $33 Family Trust – Distribution Statement 2014/2015 $44 Family Trust – Distribution Statement 2013/2014 $44 Can a beneficiary disclaim their entitlement? Each financial year your Family Trust gets an income. […]

Added risks if Financial Planners operate out of a company? Consider ASIC v Cassimatis (Storm Financial)

Financial Planners operate out of a company. But is it wise? Directors make mistakes. ASIC punishes them. Fair enough. However, the court goes further when Financial Planners operate out of a company structure. Because Storm Financial held an Australian Financial Services (AFS) license it suffered twice. This is an alarming attack. […]

Does your SMSF allow election to treat pension as lump sum? ATO is trying to stop you

Treat pension as lump sum? ATO says yes, but only if Deed allows it Treat pension as lump sum? The ATO has reluctantly confirmed that a Self-Managed Superannuation Fund's exempt pension income is reduced when an election is made. This is to treat a pension payment as a lump sum. […]

Stop additional stamp duty & land tax – update your Family Trust Deed

For years, the Commonwealth inflicted a foreign family trust regime. Now NSW, Queensland and Victoria impose penalties for foreign beneficiaries and foreign trustees. Every Australian Family Trust is affected. What if your foreign family trust purchases or holds real estate in Australia?  It pays penalty stamp duty and land tax. […]

Divorcing husband transfers assets to wife’s Family Trust – any CGT?

Moving assets into Family Trust & SMSF on divorce - for no CGT divorce family trust When you divorce often the biggest assets are in the Family Trust. No matter how much we all love our Family Trust it is still a separate entity from the marriage. Thankfully, CGT relief […]

Top 8 legal documents Accountants build at end of financial year

8 documents Accountants build at end of financial year I have sold over 16,000 Self-Managed Super Funds and 18,000 Family Trust Deeds online. Surprisingly, however, these are the 8 most common documents Accountants build at End of Financial Year: 1. Trust Distribution Statements for Family Trusts 2. Family Trust Vesting […]

Travel costs to visit Accountant & Adviser tax deductible – says ATO TD 2017/8

When are costs of travel for a tax return deductible? This ATO Tax Determination TD 2017/8 was issued 29 March 2017. When you visit your accountant or financial planner the cost of travelling is tax deductible. This is when you are having your tax return prepared by a 'recognised tax adviser'. It […]

Accountant & Adviser’s reviewing client Wills – 8 questions to ask

  Reviewing client Wills each year Estate Planning and Wills are primarily the concern of the Accountant and Adviser. You know your client. You see your clients at least once a year. The end of financial year is a good time to sit down with your clients and review their […]