Discover how a Family Trust may save you tax!
ฝัง
- เผยแพร่เมื่อ 10 ธ.ค. 2016
- In this webinar you will learn
1. What is a Family Trust?
2. Advantages & disadvantages of having a trust?
3. How it will reduce your tax bills.
4. How to find out if your business suites a Family Trust.
PLUS MORE
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great explanation!
Economic investigator Frank G Melbourne Australia is still watching this very informative content cheers Frank ❤
Very concise yet meaningful information. Great explanation. Thank you! The jug example is amazing.
Great explanation Derek. Thanks for the advice
Good video derek. made it really easy to understand discretionary trusts.
Really good video! Easy to understand and follow along.
Well explained. Thanks for posting this tutorial.
great video, easy to follow , with great examples
Thank you for sharing Derek. So well explained! Really appreciated.
i know im asking the wrong place but does anybody know of a tool to log back into an Instagram account?
I somehow forgot my account password. I appreciate any tricks you can give me!
Awesome thanks mate. Would that be before or after expenses?
Awesome Explanation
Thanks for doing this
Great video. Thanks mate!
Josh Clarke p
Family dynamics must be safe and sound. What goes around comes around. Trusts are often very complicated to enforce!
Great presentation
Thanks the jug example is really good. Also are family trust required to do audits like statutory trusts?
No audit is required. The trust accounts you are thinking about are Solicitor and Real Estate Trust Accounts, completely different.
Thanks for the detailed explanations. For a foreign family trust, one of two Australian resident beneficiaries receives a distribution $10,000 from a foreign family trust while the other Australian resident receives no distribution from the foreign family trust, what are the Australian taxes payable by these two Australian residents?
Good Morning. To answer that question I would need to know what country the foreign family trust is located in. There are a number of tax treaties that would need to be considered. If you would like any further information email info@twelve.com.au. Regards Derek
The best... love it.. quick question. Can the trustee be a beneficiary as well??. Not sure if i missed if you told in the video
Particularly in a family trust, a trustee is himself a beneficiary because he is benefited with tax income through distribution. But on paper, a trustee is not and can't be a beneficiary.
Thank you for the video
Can you distribute money to a family member who lives overseas( not Australian citizen nor PR)
Thanks
Love your videos. How does it work when the property is negatively geared as the losses will be trapped in the trust?
The losses will be carried forward until there is a profit. derek
When a death or divorce is in force, life changes remain the course. One must be astute and concerned with this concept.
Thank you for your great video about family trust ,I love your content very informative .
I have two questions and I appreciate it if you could answer please :
1) I have a sister who lives in England , can I distribute money to her as part of the trust beneficiaries( she is not an Australian citizen not Australian permanent resident ).
2)my mother is on Centrelink benefits ( disability Pension) how much I can distribute to her before she gets in trouble with the Centrelink ?
1) yes you can, but withholding tax of 47% will apply (so most people don't do it): 2) that will depend on what other income she receives, however i believe a single pensioner can receive $180 per fortnight ($4,680 pa) before their pension is effected. derek
@@TwelveAccounting alex s I believe that a Trust (in the UK, it may be different elsewhere) can make loans to your mother, which could be repaid from the value of her estate. In that way, she can benefit and the Trust does not loose anything. As to your sister, if she is a beneficiary of an estate or Trust, the Trustees can make payment to her, but not sure if Australian tax is payable, it is not in the UK.
Thanks for your video. Can you take trust profit tax free as superannuation assigned to a beneficiary?
Any distribution from the trust will be taxable to the individual person (superannuation funds can not be a beneficiary of a family Trust), however individuals can now make a direct contribution to personal superannuation and claim a tax deduction for the contribution. An individual who receives a trust distribution can then contribute (or part) to superannuation and effectively make it tax free. Remember that contributions to superannuation are usually taxed at 15%.
Great. The land tax threshold individuals exempt is 629k . Looks it's increased.
Yes, $629,000 in NSW. Remember that other states have different thresholds and tax rates.
Derek would you recommend a discretional trust in place for a second job which I have my own abn
There are rules regarding Personal Services income (PSI) that will limit the tax effectiveness of flowing your 'second job' income through a trust. Usually not.
Have a look at my webinar on Personal Services Income
Who pays the expenses and the gst ? The Nolan trust or the the twelve chartered accountant company?
Everything goes through the Trust. the trust has its own ABN.
Can the family trust borrow money?
So is the money actually deposited into their account or is it only on paper?
You usually don't need to physically make payments, all done with a bit of paper shuffling.
What country is this for ?
Do beneficiary needs to Australian citizen ? what if parents are no PR or Australian citizen?
distributions to non-residents will be taxed at 47%
you used an example at 22:20 if you " owed " money to the ATO, I would of thought the ATO has more power than any court, or debt collector to take assets from you if they wanted to..
Which country does this lecture address? Is this pertaining to Australia, New Zealand, Canada, the USA, etc.....?
All information is relating to Australia.
Australia
Thank you for saving me from wasting 45 minutes of my life.
If a trust makes a profit, can you just have it reinvested into other assets rather than paying it out?
No. The amount must be distributed for income tax purposes and tax paid by the beneficiaries, if they choose to reinvest or loan the money back to the trust, they can. Regards Derek
Can a foreigner family member be beneficial?
Yes they can. However, withholding tax of 47% will be payable to the ATO. The person will be able to claim the tax credit in there own country if there is a tax treaty that allows this. Email info@twelve.com.au if you would like further information. Regards Derek
What ballpart amount of family or asset that the trust would make sense? As I am assuming there’d be cost in maintaining the trust and doing the tax distribution. Thanks Derek!
Trusts are not worth doing unless the there are good tax benefits by doing so. If family members are the trustees rather than having companies or lawyers acting as trustees, the costs are considerably less. However, some trusts are constructed in a more complex way and professionals are best to have as Trustees together with family members. Never give total control to professional trustees or the family would loose all control.
31:50 when you pay Emma 17,500 the balance falls to 97,300 not 107,300
Very nicely explained. I am confused on one thing --- people create a trust to get the protection, when creating the trust, often times we are recommended to transfer all our properties, such as house, rental property, cars, etc., into the trust. Now when you talked about the trust get sued you mentioned that it has almost nothing except a couple of dollars in the bank, a couple computers, so that the properties can't be taken away. If we don't put properties into it, then what is the protection for? If the properties are still with the individuals, when the individuals get sued they will just have the same risk as not having the trust, except maybe like you said having some tax benefits.
in my example, i am talking about a trust that you run your business through, not an investment trust.
@@TwelveAccounting Got it. Thank you.
I don't understand why a child is only at $416. They can earn up to $12,200 a year without paying taxes, or $18,000 if a parent gifts cash to them. Where is the $416 coming from?
not sure where you got your numbers from. have a look at the ATO website www.ato.gov.au/Individuals/Investing/In-detail/Children-and-under-18s/Your-income-if-you-are-under-18-years-old/?anchor=Higher_tax_rates#Higher_tax_rates
At first I thought this guy was actually giving the money to his niece but then he admits he is actively evading tax and implies very subtly that she doesn’t actually get the money... Will be showing this to the ATO! Good luck in court defending yourself from tax evasion Derek hahahahaha
In the example i used, as long as the niece declares the income in her tax return and pays tax on it there is no evasion of tax. This is why family trusts are used.