Recently, the Australian Taxation Office (ATO) released a package of new guidance material that directly targets how trusts distribute income. It’s one of the most significant developments for the taxation of trusts in over two decades.

As a result of these ATO proposed changes, options to spread trust income across family members and corporate beneficiaries may be vastly limited and some family groups may need to plan for higher tax in the future.
 

Tax laws change all the time, and it’s our role as your accountants and advisors to keep you alert to important changes that affect you.

At this stage, the material is still in draft form so there is no cause for immediate action. The FMA team will be reaching out to clients directly impacted by these changes  to discuss their circumstances and actions required in due course.

With the 2022 Federal Budget due to be handed down tomorrow night and a Federal election looming, tax planning and distribution planning has never been more important.

As always, the FMA team are across the detail and ready to answer any questions you may have. 

Contact our office on +61 2 9540 6888 or via email at info@fmapartners.com.au 

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