ATO ‘s attack on Trusts and Trust Distributions

ATO ‘s attack on Trusts and Trust Distributions

The Australian Taxation Office released a package of new guidance material that directly targets how trust distribute income.  Many family groups will pay higher taxes (now and potentially retrospectively) as a result of the ATO’s more aggressive approach.

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Paying your super to your Grandchildren

Paying your super to your Grandchildren

We get asked this question often, “when I die can I give my superannuation to my grandchildren”, hard to believe but the answer is NO!

If you would like to find out more

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Superannuation Legislation Update

Superannuation Legislation Update

The new rules look like this;

The ATO abolishes the work test and now you can contribute until you are aged 75 and the Downsizer Scheme eligibility now available from age 60.

For further information

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2022 Changes to your Superannuation

2022 Changes to your Superannuation

Superannuation changes could mean opportunities for you, so don’t miss out.  Here is a glimpse of what changes to expect in 2022.

What’s New in 2022

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Divorce, Superannuation, and the Gender Divide

Divorce, Superannuation, and the Gender Divide

From 1 April 2022, the Australian Taxation Office (ATO) will be able to release details of an individual’s superannuation information to a family law court.

The recently enacted laws are designed to ensure that there is procedural and economic fairness in divorce proceedings to prevent the under-reporting of superannuation assets. While a spouse’s superannuation information can be obtained now through legal action, if it is not provided willingly, it is often expensive and time-consuming to obtain factual information through subpoenas or court orders.

From April 2022, when a couple has entered into divorce proceedings, if one of the parties believes the other is not being forthcoming about the value of assets held in superannuation, they can apply to a family law court registry to request their former partner’s superannuation information held by the ATO. They will then be able to seek up-to-date superannuation information from their former partner’s superannuation fund.

For more, Divorce, Superannuation, and the Gender Divide

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