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Traditionally, Discretionary Trusts (commonly referred to as Family Trusts) have been a very useful vehicle for tax purposes and in many instances have been used primarily for this purpose.
However, it light of recent legislative proposals that may be seen to affect the tax effectiveness of a Family Trust, many new businesses may not feel that a Family Trust structure is as attractive as it once was and therefore may be reluctant to consider it due to recent legislative proposals that are being considered such as:
A proposal to tax Family Trusts in the same way and at the same rate as Companies
A proposal to tax all income earned through a Family Trust or Companies the same way that personal income is taxed where the majority of the income in the Family Trust has been earned from personal exertion from one source.
Regardless of these proposed changes, the fact remains that a Family Trust does a whole lot more than just provide tax related advantages. The Family Trust structure needs to be considered holistically and together with all the other benefits of a Family Trust.
November 15, 2017
November 10, 2017
November 6, 2017
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For more information about the services we provide, or to find out if you are eligible for a free no-obligation consultation, call us now on 9317 7300.
The information provided on this website, including the material and contents provided in the website publications, are informative in nature only and you should not act specifically on the basis of this information alone. It should not be used as a substitute for legal, business, accounting, tax, financial planning or other professional advice. If expert assistance is required, professional advice should be obtained.
Paul Baggetta is the Founder & Principal of Baggetta & Co. Paul Baggetta has been a Taxation Accountant since 1981, a Financial Planner since 1998, and in 1993 qualified as a Real Estate Licensee, holding a Triennial Certificate (currently not trading) and operated his own Real Estate business for property investment clients for over 5 years as a second business.
Financial planning services are provided by Paul Baggetta as an Authorised Representative (No. 261469) of Capstone Financial Planning Pty Ltd. ABN 24 093 733 969. Australian Financial Services License No. 223135.
Taxation & Accounting services are provided by Paul Baggetta as a Registered Tax Agent (No.61487008) and is a Member of SMSF Association, FIPA & NTAA.