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The world is constantly shifting and Australia finds itself in a place where it hasn’t been in recent memory – CPI has passed 5% and interest rates are on the rise. For most entities applying Australian Accounting Standards, these indicators of impairment will trigger impairment testing; and for some entities, for the first time in an extended period.
Listen back, where you'll hear from our valuation specialists as they provide some specific advice and a worked example to assist with development of forecasts that meet the needs of the accounting standards – and your auditor. We will share practical approaches to impairment analyses, including best practice and when or where to call in an expert.
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Family trusts can benefit from tax concessions that come with making a Family Trust Election (FTE) but risk Family Trust Distribution Tax (FTDT) if not managed well.
Like many countries, Australia taxes its residents on the income and capital gains they generate irrespective of where they are sourced. For ‘temporary residents’, understanding how the rules operate in detail – and even your relationship status – is necessary to determine your tax position.
New entities are often established as part of implementing property settlements. However, this could overlook one current focus area of the ATO – whether or not Family Trust Distribution Tax (FTDT) is payable due to distributions having been made by Family Trusts outside their ‘family group’.