Trust

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April 2022 Round Up – Can a beneficiary disclaim an entitlement to a trust distribution?

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 …

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Three Tax Tips Must Know When Trading Crypto

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 …

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Know Changes to the Application of Foreign Surcharges for Trusts Holding NSW Residential Property

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 …

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Advantages and Disadvantages of a Discretionary Trust

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 …

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