Adrian Raftery - 101 Ways to Save Money on Your Tax - Legally! 2021 - 2022

The ATO takes a dim view of trustees who have distributed net income ‘on paper’ to certain tax-advantaged beneficiaries (such as companies) but have not physically received any payments from the trust.

There are many benefits to using trusts to manage your wealth, including:

Asset protection. Family assets may be protected from ‘creditors and predators’ in the event of bankruptcy or insolvency in certain situations.

Australia-wide. A trust established under Australian law can operate effectively in every Australian state. If you have potential beneficiaries living overseas, it is recommended that you seek specialist advice before proceeding further as there are many tax implications to consider.

Flexibility. Trust deeds are flexible in their operation and can cater for a wide variety of beneficiary classes and investments, and different types of income can be directed to different beneficiaries.

Little regulation. Trusts do not have as many reporting requirements and obligations as company structures.

Tax minimisation. Income can be directed to family members on lower tax rates.

If you place money in a term deposit, consider having it mature after 30 June so that any income is not assessable until the following financial year.

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