Vivid Partners

As accountant, we often get asked, "Can a family trust help lower my income tax?" The answer isn’t always straightforward. While family trusts can be a powerful tool for income splitting and tax planning, they come with rules, responsibilities, and potential risks.

The Australian Financial Review (AFR) recently published a great article breaking down the key considerations for high-income earners. From ATO scrutiny to the importance of proper structuring, it’s a must-read for anyone exploring this option.

Remember, tax planning is about strategy, not shortcuts. If you’re considering a family trust, let’s chat! Proper advice can make all the difference. 💡

📖 Check out the article here: https://www.afr.com/wealth/personal-finance/i-m-a-high-earner-can-i-use-a-family-trust-to-lower-my-income-tax-20250226-p5lfh9

I’m a high earner. Can I use a family trust to lower my income tax? The rules for professional services partners and high-earning employees are different when it comes to using family trusts for income.

The Australian Taxation Office (ATO) has intensified its efforts to catch landlords who misreport income and fail to lodge returns accurately. By collecting rental bond data from state and territory regulators, the ATO aims to close the tax gap and ensure compliance across the rental property market.

ATO Intensifies Rental Property Crackdown The Australian Taxation Office (ATO) has intensified its efforts to catch landlords who misreport income and fail to lodge returns accurately.

Reflecting 2024 over Christmas Lunch.

Thank you team for the wonderful year. Looking forward to exciting things in the New Year 2025!!!!