The ATO is currently working on new guidance and compliance for the use of family trusts in relation to taxation obligations and professionals/company business structures. Of particular interest to the ATO is the concern that professionals and tradespeople are contravening anti-avoidance rules by using Family Trusts to distribute income at a lower tax rate without meeting the appropriate Personal Services Income (PSI) rules.
The ATO’s focus on this issue makes it an excellent time to review your company structure and/or family trust, to ensure the appropriate use of trusts and any income splitting is legitimate, and aligns with the ATOs expectations.
Speak to Vine Accounting if you have any concerns or questions about your company structure and taxation obligations. We are here to help you administer your business efficiently and with integrity in regard to statutory compliance.
Additional info ATO Trusts Tax and Compliance
