ATO: Trust Distribution Pitfalls to watch out for!
The Australian Taxation Office (ATO) has highlighted that their compliance activities frequently uncover errors made by trustees i.e. trust distribution pitfalls. These mistakes often stem from failing to adhere to trust deeds or neglecting to verify family trust elections. Consequently, as agents prepare for year-end distributions for their trust clients, the ATO recommends considering the […]
Client-to-Agent Linking
Businesses owners that operate using an ABN (excluding sole traders) will need to nominate a Tax or BAS agent using the digital id (myGovID) when engaging a new agent or re-engaging the services of a previous agent. Existing client/agent relationships won’t need to undertake this process, only new client/agent relationships are required to follow this […]
ATO Updated: Trust reimbursement agreements
The Australian Taxation Office (ATO) acknowledges there has been significant interest in its draft public advice and guidance relating to trust reimbursement agreements and unpaid present entitlements (also known as section 100A reimbursement agreements). ATO’s Louise Clarke said “The vast majority of small businesses operating through a trust are not operating in a way that will attract […]