If you have a trust as part of your business group, itโs absolutely paramount that the trustee resolution for the trust is prepared and signed ON OR BEFORE 30 JUNE 2021.
This sets out how the trustee (usually the business owner) will allocate the current year income to the beneficiaries of the trust.
In other words, it sets out who gets the income and this will impact what tax they will ultimately pay.
As trustee, how do you know who to distribute to and at what amount? The answer is by doing tax planning with your trusted business accountant.
๐๐๐ ๐๐ ๐๐๐ ๐๐๐: Ensure the tax planning is done and the trust income is allocated to the appropriate family member by preparing a valid trustee resolution before 30 June.
If the resolution is not done, that most likely means that no one is entitled to the income and the trustee will pay 47% tax on the income. Yikes!
Like any tax advice make sure you get help for your specific situation.
๐๐ ๐ฒ๐จ๐ฎ ๐๐ซ๐ ๐ ๐๐ฎ๐ฌ๐ข๐ง๐๐ฌ๐ฌ ๐จ๐ฐ๐ง๐๐ซ ๐๐ง๐ ๐ฒ๐จ๐ฎ ๐๐ซ๐ ๐จ๐ฏ๐๐ซ๐ฐ๐ก๐๐ฅ๐ฆ๐๐, ๐โ๐ฏ๐ ๐ ๐จ๐ญ ๐ฒ๐จ๐ฎ๐ซ ๐๐๐๐ค.
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