Tag Archives: ATO new rules

2022 Federal Budget: People-Pleaser or Missed Opportunity?

With the upcoming federal election in May, Treasurer Josh Frydenberg has handed down what the Government considers to be a safe, ballot box friendly Budget. Labor is likely to start over if elected, meaning it is uncertain how many of these measures will ultimately come to fruition. However, we wanted to share the main initiatives with you in some detail.

Some aspects can be unclear or confusing – please don’t hesitate to contact us if we can answer any questions about items possibly affecting your business or personal finances.

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ATO’s changes to family trusts: no more using children to avoid taxes

The ATO has just released 4 tax rulings that will stop commonly used trust distributions to family members. It’s one of the most significant developments for the taxation of trusts in over two decades. As a result of these new ATO rulings, options to spread your trust income across your family members may be vastly limited; and family group overall tax payable will probably increase.

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