When it comes to safeguarding your family’s future, a family trust is one of the most powerful and effective tools available. Many people mistakenly believe that trusts are only for the wealthy, but the truth is, anyone who wants to protect their assets and ensure a smooth transfer of wealth to future generations can benefit …
Protect Your Assets: The Top 7 Benefits of a Family Trust Read More »
Family trusts have become an increasingly popular tool for managing and protecting family wealth in Australia. This estate planning strategy offers significant tax advantages and asset protection, making it a favored choice for many families. However, as with any financial strategy, there are pros and cons to consider. Here’s a comprehensive look at what setting …
How Family Trusts Can Protect Your Wealth and Minimize Taxes Read More »
A family trust can be an excellent way for parents and small business owners to protect their children’s financial futures. However, they are not a guaranteed safeguard. So, should you set up a family trust? That’s the question we’re here to answer. There are several advantages and disadvantages of family trusts that you must carefully …
Is a Family Trust Right for You? Key Insights on When, Why, and How to Set One Up Read More »
Unit trust vs discretionary trust – they sound pretty similar, don’t they? But they’re actually quite different. And knowing which one’s right for you can make a huge difference in how you protect your assets and plan for the future. In this guide, we’ll cover unit trust and discretionary trust in detail, explore the ins …
Unit Trust vs Discretionary Trust: What’s Right for You? Read More »
In the realm of financial management, selecting a trustworthy accountant is a pivotal decision that can significantly impact your financial well-being. An experienced and reliable accountant not only ensures compliance with tax regulations but also becomes a valuable partner in your journey toward financial success. In this article, we’ll explore key considerations to help you …
Choosing Wisely: A Guide on How to Pick a Trustworthy Accountant Read More »
The Government is in caretaker mode pending the Federal Election…but that doesn’t mean nothing is happening. The High Court decision in Carter & Ors was a win for the ATO in a case exploring whether beneficiaries can disclaim their entitlement to trust distributions. And, in the London case, a taxpayer has been allowed to claim …
April 2022 Round Up – Can a beneficiary disclaim an entitlement to a trust distribution? Read More »
Under Corporation Act 2001 (Cth), Cryptocurrency is categorised as a financial product. If you’ve bought, sold, or traded any goods in cryptocurrency you have a tax obligation to retain the record. Cryptocurrencies are also known as virtual currencies or digital currencies. There are many different types of cryptocurrency such as Bitcoin, Tether, Ether, and so …
The State Revenue Legislation Further Amendment Act 2020, which came into effect in New South Wales on 24 June 2020, includes changes to “foreign person surcharges” for purchaser duty and land tax relevant to residential land in NSW owned by discretionary trust. So, if you are concerned about some changes of foreign surcharges for trusts …
If you are considering starting your business through a discretionary trust, it is important to understand how the discretionary trust will impact your business running and understand this structure is appropriate for meeting your purposes. In this article, we’ll explain the advantages and disadvantages of a discretionary trust. What Is a Discretionary Trust? Discretionary trusts …
Advantages and Disadvantages of a Discretionary Trust Read More »
Clients often ask, “Why do I need a trust?” This question comes up when people want to make lifetime gifts to their children in the future, and even more frequently when it comes to the potential tax consequences which can arise where they are misused. A trust can provide some protection from creditors and can …