Heading into the 2022 tax planning season, the ATO have come out with a "curve ball from out of left field" (to use baseball vernacular) by drafting legislation targeting - or as many in the accounting profession have termed "attacking" - discretionary trust distributions to adult children, where the amount sits as an unpaid present entitlement and could be taxed at the highest tax rate of 47% irrespective of the child reporting it in their tax return and paying tax on it themselves!
Louie welcomes SCBA Senior Client Manager Nihit Mittal back on the podcast to discuss this game-changing legislation, as well as the changes also being proposed to unpaid present entitlements made to corporate (a.k.a. company) beneficiaries.
Certainly one not to be missed!
P: (03) 5018 6444
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