Tag: family trust
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Navigating the new landscape of Family Trust Distribution Tax
A recent update from Amy James-Velagic, Assistant Commissioner for the Tax Office’s Private Wealth group, has focused on family trusts, particularly the Family Trust Distribution Tax. The Tax Office has emphasised the importance of reviewing family trust elections, highlighting that many taxpayers and advisers neglect to reassess these elections to confirm their ongoing suitability and…
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Bundy billionaire mingled with royalty, then left his family with $78m in debts
Greensills’ Australian parent probably became insolvent on March 2 this year and one of its biggest secured creditors was the Peter Greensill Family Trust, according to a liquidators report from Grant Thornton. The debt to PGFT was $78 million and related to a loan to the company. The trust is a secured creditor which gives…