Hi all,
I just read in the monthly Insider email that there are changes afloat to trusts in the new FY…could someone elighten me?
Quote:
“1. Your window of opportunity to create (or change) your accounting structure is closing fast. Once the 2003/2004 financial year ends once 30 June ticks over then you will have missed the boat.”
What exactly does that mean??
[tired]
Thank you
Gumaroyce
This is when companies have to report their yearly earnings to the ATO (a business year goes from June 03′ to June 04′), so if you change your business structure before that date it will affect this tax return. Anything after that date and it will affect next years tax return (June 04′ to June 05′).
Rgds.
Lucifer_auok, thanks. It sounded much more sinister than that![blink]
aroyce
Earlier on in the year, the ATO was talking about stopping ‘the refinancing principle’. This is where a trust borrows to payback a trustee and claims the interest on the loan no matter what the trustee uses the money for.
Even if they do this, trusts will still be very beneficial.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
I though the monthly insider was pointing out something more sinister as well… are we DEFINATE that the end of FY was the only concern or is it possible that it was related to something else we may not of encountered?? Can any one close this post off with a rock solid answer??
Cheers Michael…
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“The greatest thing in this world is not so much where we are, but in which direction we are moving.” – Oliver Wendell Holmes, Jr.
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