The specific terms of your trust deed can mean you will either save or lose money in income taxes. It is important your deed is up to date and gives the trustee all the powers it needs to optimise the trust’s tax position.
The main thing to remember is that trusts can only ever distribute trust law income, as it is defined in the trust deed.
We have a lot of dentist clients who have downed tools during the Level 3 restrictions. One thing they have in common is that they’re making lemonade out of lemons and getting their practices ‘shipshape’ for when the restrictions are downgraded back to Level 1 or 2. If this sounds like you, read on!
If you hold residential land in NSW in a discretionary trust, chances are you will be subject to surcharge land tax due to changes that take effect at midnight on 31 December 2019. We can help you avoid the surcharge.
If you hold residential land in NSW in a discretionary trust, chances are you will be subject to surcharge land tax. We can help you avoid the surcharge.