Coasty,
Times do change, but I think I know that more than you if you think this is not an issue.
Say you have investments or a business in trust. You make substantial profits. You don't actually need or want the money distributed to individuals, so must distribute to corporate beneficiary. Before, you could leave all of your investments/business assets to grow in the trust and just have an unpaid present entitlement. Now, unless you liquidate investments and shift funds to the company, you must create an official documented loan back to the Trust which must be repaid over 7 years. You end up having another set of investments/assets in the company name. Repeat this over and over each year and see what happens.
" if the ATO's view is continued, then the use of trusts will be more restrictive. The ATO seems to think it is wrong to distribute to a company " David Pring, Deloitte Private Tax partner.
In your words, keep up to date. You may have the wrong accountant if you think it your responsibility to "make sure your accountant" is up to date.
Times do change, but I think I know that more than you if you think this is not an issue.
Say you have investments or a business in trust. You make substantial profits. You don't actually need or want the money distributed to individuals, so must distribute to corporate beneficiary. Before, you could leave all of your investments/business assets to grow in the trust and just have an unpaid present entitlement. Now, unless you liquidate investments and shift funds to the company, you must create an official documented loan back to the Trust which must be repaid over 7 years. You end up having another set of investments/assets in the company name. Repeat this over and over each year and see what happens.
" if the ATO's view is continued, then the use of trusts will be more restrictive. The ATO seems to think it is wrong to distribute to a company " David Pring, Deloitte Private Tax partner.
In your words, keep up to date. You may have the wrong accountant if you think it your responsibility to "make sure your accountant" is up to date.