Unpaid Trust Distributions

  • When trust distributions to a company are left unpaid

    What happens when a trust appoints income to a private company beneficiary but does not actually make the payment? The tax treatment of this unpaid amount was at the centre of a recent case before the Administrative Appeals Tribunal (AAT) that saw a taxpayer successfully challenge the ATO’s long held position (Bendel and Commissioner of Taxation [2023] AATA 3074). For…

    Business Advisory | Taxation
  • What changed on 1 July?

    A reminder of what changed on 1 July 2022 Business Superannuation guarantee increased to 10.5%$450 super guarantee threshold removed for employees aged 18 and overSmall business GST and PAYG tax instalments lowered (the total tax liability remains the same, just the amount the business needs to pay through the year is lowered)ATO guidance on how profits of professional firms are…

    Business Advisory | Taxation | Superannuation | Trusts