Trust (Unit and Discretionary)
Setting up trusts?
The Inark Team can help you from start to finish:
Set up trust structure
Financial statements and tax return compliance
Minutes of resolutions
Specific entitlement/streaming
Small business restructure roll-over
Family trust election/ RETROSPECTIVE ELECTION
What are the advantages of a family trust?
Easy access to trust losses – only income injection test to be satisfied
Entitlement to franking / imputation credits for beneficiaries of a discretionary trust
If trust is family trust, COT can be met and access to company tax losses available
Trustee beneficiary reporting (TBR) rules – generally, these rules require the trustee of a closely held trust to advise the ATO of certain details.
These are details about each trustee beneficiary that is presently entitled to a share of a tax preferred amount of the trust, or has included in
its assessable income a share of the net income of the trust comprising an 'untaxed part’.This advice must be provided by the due date for lodgement of the closely held trust’s tax return.
Trusts that have made an FTE or an interposed entity election (IEE) (among others) are excluded from having to comply with the TBR rules.
We are ready to take you onboard
Book your FREE 30 mins no obligation consultation here