By Domenic Festa (Accredited Tax Specialist and Chartered Tax Adviser) To a lay person, a partnership involves the joint ownership of the business of the partnership, with each partner having a percentage interest in the partnership. With that view
QBCC Requirements: Poor Structuring Causes Financial Woes
By Domenic Festa (Accredited Tax Specialist and Chartered Tax Adviser Key Points QBCC is again closely monitoring the financial state of licensed businesses in the construction industry. A number of licensed businesses are failing the financial requirements due to the
Trust Splitting: Better alternatives for consideration
By Domenic Festa (Accredited Tax Specialist and Chartered Tax Adviser) Trust splitting is a process that involves appointing a separate trustee for certain identified assets of a single trust. The purpose of a trust split is to separate the control
Trust Splitting: Opportunities Remain!
By Domenic Festa (Accredited Tax Specialist and Chartered Tax Adviser) On occasions, it is desirable to restructure the assets of a trust. The motivations for a restructure can include: succession planning, separating control of certain assets to different persons, separating
ATO attack on Stapled Structures: Does it affect Private Business
By Domenic Festa (Accredited Tax Specialist and Chartered Tax Adviser) The ATO has had on its radar what it describes as stapled structures. It has identified a number of concerns that it has with stapled structures. Then in the May
Effect of Trust Vesting Date: ATO confirms our long-held view!
By Domenic Festa (Accredited Tax Specialist and Chartered Tax Adviser) Most trusts, and all private discretionary trusts, have what is known as a vesting date which is described differently in different trust deeds e.g. Vesting Date, Perpetuity Date, Termination Date,
Company Rollover – A Last Resort Option?
By Domenic Festa (Accredited Tax Specialist and Chartered Tax Adviser) In the evolution of a business, there may come a time when it is necessary to restructure into a company. Often, non-tax factors will trigger this: government regulations, a need
Is a Company the Best Structure in the Current Tax Environment?
By Domenic Festa (Accredited Tax Specialist and Chartered Tax Adviser) When starting a business or contemplating a significant investment, the first consideration is which entity should be used for the ownership of that business/investment. Traditionally, a common structure for private
Small Business Restructure Rollover – Opportunities with Some Limitations
By Domenic Festa (Accredited Tax Specialist and Chartered Tax Adviser) The Tax Laws Amendment (Small Business Restructure Roll-over) Act 2016 implements the Small Business Restructure Rollover announced in the 2015-16 Budget. It is operative for restructures that occur on or
Structures for Property Development
By Domenic Festa (Accredited Tax Specialist and Chartered Tax Adviser) The choice of structure adopted for a property development project often has a key bearing on the tax implications and commercial viability of that particular property development project. In this