TRUSTS AND TRUSTEES – TAXATION – AUSTRALIA

Labor won’t abolish trusts, just tax them

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Original article by Phillip Coorey
The Australian Financial Review – Page: 4 : 26-Jul-17

Shadow treasurer Chris Bowen says the Australian Labor Party will still allow people to use trust structures if it wins the next federal election. However, Labor will crack down on the use of trusts as vehicles to reduce tax liabilities, although there are concerns that its measures could mainly affect users of trusts such as farmers and small businesses. Treasurer Scott Morrison says there are many legitimate reasons for using a trust.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE TREASURY, NATIONAL PARTY OF AUSTRALIA

ATO sights on partners with guide to income-splitting rights and wrongs

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Original article by Katherine Towers
The Australian – Page: 31 : 5-Sep-14

The Australian Taxation Office (ATO) has issued a new guidance note on the practice of splitting income from a discretionary trust. The structure is becoming increasingly popular among professionals such as law firm partners, after the deregulation of the legal services market. While conceding that the method is "legally permissible", the ATO says it will monitor whether risk reviews and audits may be required

CORPORATES
AUSTRALIAN TAXATION OFFICE, KING AND WOOD MALLESONS