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It is important for business owners facing financial distress to understand all the options available to them. Small Business Restructuring (SBR) offers a pathway for small and medium sized Australian companies experiencing financial pressure to deal with unmanageable debt, reset operations, and continue trading through and beyond difficult times. SBRs are also a cost-effective solution to save a business compared to a liquidation shut down.

Explore eight often overlooked tax issues impacting asset division and liabilities in family law.

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’.

Section 99B of Australia’s tax law can trigger unexpected tax liabilities for residents receiving foreign trust distributions, including gifts, loans, and use of trust property. With increased ATO scrutiny and recent guidance, it’s vital to assess residency status, maintain clear documentation, and understand the tax implications before receiving overseas transfers.

Receiving money from overseas can trigger unexpected Australian tax consequences, especially when foreign trusts are involved. With the ATO increasing scrutiny on international transfers, including gifts, inheritances, and loans, it’s vital for Australian residents to understand their tax obligations. Section 99B of the Income Tax Assessment Act 1936 and recent ATO guidance highlight the risks of poor documentation and lack of planning. This article explores common scenarios, the importance of maintaining records, and how proactive tax planning can help avoid significant liabilities for both recipients and their overseas families.

The ATO has confirmed a stricter application of section 99B - taxation of foreign trust distributions, meaning more distributions or benefits from foreign trusts to Australian residents may now be taxable.

In the latest episode of Beyond the Numbers with Grant Thornton, Financial Advisory Partners John McInerney and Cameron Crichton discuss the current economic climate, what SBRs are, eligibility criteria, and how businesses have successfully turned around using this regime.

As we enter the final week of the financial year, here are some things to consider when it comes to your superannuation.

Franking credits – a cornerstone of the Australian tax system – often an underappreciated aspect of tax planning, represent a potent asset for investors, particularly as the fiscal year draws to a close.

Explore 2023 Division 7A loan rates, compliance, and tax impacts.

Our specialist self-managed superannuation team recently presented at the Affinity webinar, Superannuation update: Staying ahead in an ever-changing landscape. We have summarised the key takeaways to assist you with servicing your clients