Tax consolidation: 7 benefits and downsides for Perth SME’s
The tax consolidation rules in Part 3-90 of the Income Tax Assessment Act 1997 offer Perth SME’s and their business accountants a range of benefits. This is especially so for private groups, family businesses, and small to medium enterprises (SMEs). The article will address the following topics: A. Pro’s and Con’s of Forming a Consolidated […]
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, […]
Starting a Testamentary Trust as a Deceased Estate Beneficiary: Is it a good idea?
Navigating the intricacies of estate planning and management can be daunting, especially when faced with the unfamiliar term “testamentary trust.” Understanding its role and benefits can be crucial for beneficiaries. This article will demystify what a testamentary trust is, its purpose, and when it may benefit beneficiaries to consider establishing one. Significantly, just as there […]