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This hub brings together Grant Thornton’s latest insights on family trusts, foreign distributions, residency rules, and ATO focus areas designed to help you navigate risk and enhance compliance.
From succession planning to cross-border transactions, our expert commentary supports confident decision-making in a rapidly evolving tax landscape.
Preventing Family Trust Distribution Tax in property settlements
Family Trust Distributions Tax: avoiding the pitfalls
Taxing times for private groups: where to next?
So, you might have an interest in a Foreign Trust?
How you can win as a temporary tax resident
Taxation of transfers from overseas – are you across the latest issues to consider?
When tax law and family law don’t mix – how implementing property settlements involving structures can go wrong. Our latest insight outlines key considerations to help you avoid unintended tax consequences. If your clients have family trusts in their structures, this is essential reading for advisors to ensure compliance and maximise tax efficiency.
Family Trust Elections (FTEs) and Interposed Entity Elections (IEEs) can unlock valuable tax concessions for private groups, but they come with strict rules. Missteps, especially around interposed entities or changing family structures, can trigger Family Trust Distributions Tax at 47%. Our latest insight is a must read for advisors helping clients navigate these complexities, especially during succession planning, restructures, or estate transitions.
Private groups are facing growing pressure as the ATO sharpens its focus on tax performance. Programs like the Top 500 and Next 5,000 are now familiar territory, and the Bendel v FCT appeal adds further complexity around Division 7A. With uncertainty persisting, now is the time for private business leaders/advisors to review their/their client’s tax governance and prepare for reform.
The ATO’s updated guidance on Section 99B marks a significant shift in how distributions from non-resident trusts are taxed. With TD 2024/9 and PCG 2024/3 now in effect, Australian beneficiaries may face unexpected tax consequences, even in everyday scenarios like receiving gifts, loans, or inheritances from offshore trusts. As global wealth and generational transitions accelerate, understanding these rules is more important than ever.
Australia’s tax rules for temporary residents differ significantly from those for permanent residents, and even your relationship status can shift your tax position. From foreign income exemptions to CGT implications, understanding when and how residency status shifts is critical. Read our recent insight to understand how Australia’s tax residency rules apply and what steps you can take to protect your position.
Transfers from foreign trusts, whether gifts, inheritances, or loans, are under increasing scrutiny by the ATO. Without proactive planning and proper documentation, these distributions can trigger significant tax liabilities under Section 99B. With global families and cross-border wealth on the rise, understanding the rules is essential. Read our latest insight to learn how to protect yourself and your family/clients from unexpected tax consequences.
Recent ATO guidance (TD 2024/9 & PCG 2024/3) sheds light on the broad reach of Section 99B, which can tax loans, gifts, and use of trust property from foreign trusts, even if still repayable. With AUSTRAC tracking overseas payments and the burden of proof on beneficiaries, proactive planning and documentation are essential. Read our latest insight to understand the risks and how to prepare.
