Monthly tax tip:
The end of the financial year is just around the corner so now is the time to complete those trust resolutions for those entities operating under a discretionary or family trust. They will need to be completed by the 30th of June to distribute profits for the 2023 financial year. A trust distribution allows a trust to distribute profits among its beneficiaries which can help to decrease a family’s overall tax liability. For example, a family with two adults and two children would be able to distribute $416 to each child, then the remaining profits split between the two parents to take advantage of individual tax rates and the tax-free thresholds for each adult. If a trust resolution is not prepared, then any profits made will be taxed at top tax rates which is 45% for the 2023 financial year.
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