It's time for Tax Planning

Our Tax Planning Service comprehensively covers advice for tax effective structures, ownership and the holding of assets. With these and other tax planning and structuring matters carefully considered, you’ll have confidence that you have maximised your tax effectiveness prior to the financial year end.

As always, don’t forget that if you intend to distribute trust income to a corporate beneficiary, that legal entity must be established before 30 June. If a corporate beneficiary is not established before year-end, they are unable to be nominated as beneficiaries.

As you will recall from previous discussions, Prosperity offers a number of tax planning solutions designed to cater for your specific needs. 

Option 1: Strategic Tailored Tax Planning

Our tailored solution is required where your entity structure or sources of income are complex. Prosperity will provide a comprehensive analysis of the specific elements and provide detailed calculations of your tax planning options. We also address your anticipated cashflows and tax position.

Option 2: Strategic Tailored Tax Planning for Trusts

When your structure includes a trust, our assistance to devise the appropriate resolution is a must. Prosperity can provide a comprehensive review of the trust deed, consideration of definition of trust income and an analysis of anticipated tax position of potential beneficiaries.

Our Trust Advanced service includes the preparation of the resolution with the objective of advising the most effective distribution strategy.

Option 3: Trust Basic – Resolution Preparation

Each trustee must document how trust income and capital are to be calculated and which beneficiaries will receive an entitlement to that income and/or capital prior to 30 June. Making the decision after 30 June will be ineffectual and could lead to the trustee being assessed on the entire trust income at a rate of 47%. To avoid this tax burden, Prosperity can prepare a resolution to ensure you as trustees are compliant with ATO and trust law provisions.

Our Trust Basic service suits trusts with only one beneficiary; where comprehensive tax planning advice is not required; and where the taxable income and definition of trust income is known.

Your next step...

Contact us today to arrange your tax planning solution. We can discuss with you our recommendation on the most appropriate service level for your situation if you are unsure. Fees will reflect the level of complexity of your particular circumstances and the option selected above and can be quoted. We are able to offer face-to-face, phone or virtual meetings, contact your Principal Adviser or call our office on 1300 795 515.