From the 2011/12 financial year, Trustees who distribute the income of a Trust through a resolution to beneficiaries must do so BEFORE the end of the financial year (June 30).

If a Trustee fails to make a resolution to appoint the income of the Trust before the end of the financial year, the Trustee may be assessed by the ATO on the Trust income at the highest marginal tax rate of 49% rather than the intended beneficiary(s).

I think you'd agree that this is fairly HEFTY!!

What You Need to Do ABSOLUTELY, POSITIVELY NO LATER THAN MONDAY 1 JUNE:

1.       You need to provide us with a Profit & Loss Statement for each Family
           Trust that you have for the period 1 July 2014 to 31 March 2015.

2.       You also need to send us details of all income earned by all family
          members during the period 1 July 2014 to 31 March 2015.

3.       And we need your estimated income for the period 1 April 2015 to 30 June 2015, including any capital gains.

We'll then review all options for you, and recommend the most tax effective manner to distribute your Family Trust profits. And of course we'll prepare the appropriate Trust Distribution Resolution for you to sign before 30 June 2015.

 

Contact us TODAY to get started!

We don't want you ever paying more tax than you have to – because that would be a waste!

So please get your information to us no later than Thursday 14 May to make sure there's time to make the best decisions for you!!