Do you have a Discretionary Trust (also known as a Family Trust)? If yes, you need to be aware that you must complete your Trust Distribution Resolutions before 30 June.
Why? To avoid paying extra tax at up to 47% on Trust profits.
If a Trustee of a Trust fails to make a resolution to distribute the income of the Trust before the end of the financial year, the Trustee may be assessed by the Australian Taxation Office (ATO) on the Trust income at the highest marginal tax rate of 47%, rather than the intended beneficiaries being taxed at their own marginal rate.
What we are doing to help you…
Even though preparing a trust distribution resolution before the end of the financial year can be quite complex, we need to help you to comply with the trust taxation laws.
The steps we need to undertake on your behalf include:
- Review of your prior year Trust Distribution Resolution
- Confirmation with you of the estimated Trust income of your Trust for the year ended 30 June 2019
- Review of your Trust Deed to ensure that the income definition and distribution clauses in your Trust Deed allow the proposed Trust Distribution Resolution for 30 June 2019
- Advise on the most tax effective distribution of this estimated Trust income
- Preparation of Trust Distribution Resolution and ensuring it is signed by the Trustees PRIOR to 30 June 2019
Contact us today! to book your personal Tax Planning Session. This session will be tailored to your individual needs and requirements. The sooner we get started, the sooner we can help you save tax. You need to act now, to allow sufficient time to implement your tax saving strategies before the 30th of June 2018.
Imagine what you could do with your tax saved!
- Reduce your home loan
- You can confirm from the Minlaw’s list of licensed money lender Singapore
- Top up your super
- Have a holiday
- Deposit for an investment property
- Pay for your children’s education
- Upgrade your car
Tony, we look forward to helping you!
Don’t miss out!
NOW is the time to discuss with us the actions you can take before 30th June to reduce your tax and grow your wealth.
Simply reply to this email or call us on 4922 6128 to get started!