How to maximise opportunities while reducing risks & avoiding triggering penalty tax rates
Recorded Tuesday, 17 March 2020
The who, what, when, & how of Family Trust Elections How to make the most of the concessions for family trusts How to avoid triggering penalty tax rates
While the family trust election rules have been in place for a number of years now, many practitioners still find the rules confusing and are not always sure when elections should be used or the best way to use them.
Family trust elections can be a vital tool in protecting trust losses, company losses and franking credits but can also cause significant tax problems for clients if they are used incorrectly. This webinar will help your clients take advantage of the rules without triggering penalty tax rates under the family trust distribution tax rules.
What we cover
We work through the key areas that will ensure you and your team can approach these rules with confidence:
When family trust elections should be used
Who can (and should) be the test individual for the election
How to pass the family control test
The timing rules for putting an election in place
When retrospective elections can be made
How to determine whether interposed entity elections are required
The hidden dangers of using interposed entity elections
Latest ATO guidance on penalty tax rates for family trusts and
When elections can be revoked or varied
Michael Carruthers
Tax Director, Knowledge Shop
Michael has a knack for seeing through the complexity and helping practitioners work through highly technical issues with certainty and accuracy.
He oversees the development of the tax team for Knowledge Shop and Hayes Knight in Sydney and is head of the Easton Investments’ national tax advisory committee. He is a member of the advisory panel for the Board of Taxation and was a member of the reference group for the Board of Taxation’s recent review of small business concessions. He was also an expert panel member for the Board’s review of tax impediments facing small business. Michael was the 2016 Thought Leader of the Year at the Australian Accounting Awards.
Michael Carruthers
Tax Director, Knowledge Shop
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