Discretionary trusts and corporate beneficiaries
A recently issued Tax Determination affecting Discretionary Trusts and corporate beneficiaries may have implications for how family groups distribute income.
Family Trust distributions are on the ATO Hit List – What you need to know
The ATO has changed its approach and compliance response, with family trust distributions on the hit list. Earlier this year the ATO released guidelines using ‘risk’ categories for trust distribution arrangements, indicating that the ATO is taking a more aggressive approach to investigating trust income distribution. It is expected that many family groups will pay…
High Court decision has impacts for trust beneficiaries
The High Court has rejected a taxpayer’s attempt to disclaim an interest in trust income that arose as a result of a default beneficiary clause being triggered.