Family Trust Elections and Family Trust Distribution Tax: What You Need to Know
Family Trust Elections (FTEs) and Family Trust Distribution Tax (FTDT) have been integral components of Australia’s income tax framework since 1998. While tax professionals across Perth, such as lawyers and accountants, should be well-versed in these concepts, it’s essential not to let familiarity lead to complacency. As families evolve and children grow, establishing new tax, […]
What are Franking Credits and How Do they Work?
Franking credits are essentially refunds given to shareholders of Australian companies. Since these companies have already paid taxes on their earnings, the concept is to prevent double taxation of the same profits for the shareholders. Hence, investors receive a tax credit for these dividends at tax time. Investors typically enjoy franking credits when their Perth […]