429 | FTE Questions
An episode of the Tax Talks podcast, hosted by numba Australia Pty Ltd, titled "429 | FTE Questions" was published on October 31, 2024 and runs 35 minutes.
October 31, 2024 ·35m · Tax Talks
Summary
When you work with private clients the question of a Family Trust Election almost always comes up. But you need to be careful. A family trust election can be dangerous and cost you a lot of tax, ie. Family Trust Distribution Tax. Unlike normal income tax, the amendment periods don’t apply to Family Trust Distribution Tax, so the ATO can still hit your client decades later with FTDT. Hence, it is really important to get Family Trust Elections right.
Episode Description
When you work with private clients the question of a Family Trust Election almost always comes up. But you need to be careful. A family trust election can be dangerous and cost you a lot of tax, ie. Family Trust Distribution Tax. Unlike normal income tax, the amendment periods don’t apply to Family Trust Distribution Tax, so the ATO can still hit your client decades later with FTDT. Hence, it is really important to get Family Trust Elections right.
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