Tax Planning is an overarching service that includes advice for tax efficient structures, ownership and holding assets. With these and other tax planning and structuring matters carefully considered, you’ll have confidence that you have maximised your tax effectiveness prior to the financial year end. P+Y offers a number of tax planning solutions designed to cater for your varying needs.
Option 1: Trust Basic – Resolution Preparation
Each trustee must document how trust income and capital are to be calculated and which beneficiaries will receive an entitlement to that income and/or capital prior to 30 June. Making the decision after 30 June will be ineffectual and could lead to the trustee being assessed on the entire trust income at a rate of 47%. To avoid this tax burden, P+Y can prepare a resolution to ensure you as trustees are compliant with ATO and trust law provisions.
Our Trust Basic service is ideal for clients with simple trust structures where comprehensive tax planning advice is not required and where the taxable income and definition of trust income is known. This low cost solution is offered for a fixed fee of $275 (inc GST) for each trust.
Option 2: Trust Advanced – Strategic Tailored Tax Planning
For those clients with trusts in their structure who require assistance with devising the appropriate resolution, P+Y can provide a comprehensive review of the trust deed, consideration of definition of trust income and an analysis of anticipated tax position of potential beneficiaries.
Our Trust Advanced service includes the preparation of the resolution with the objective of advising the most effective distribution strategy. Our fee will reflect the level of complexity, and we can provide a fixed price agreement if required.
Option 3: Other Entities – Strategic Tailored Tax Planning
A more tailored solution is required where your entity structure or sources of income are complex. P+Y will provide a comprehensive analysis of the specific elements and provide detailed calculations of your tax planning options, and an estimate of your anticipated cashflows and tax position. Our fee will reflect the level of complexity, and we can provide a fixed price agreement if required.
Your next step…
We offer face-to-face, phone or virtual meetings, contact us today to arrange your tax planning solution at [email protected] or call our office on (07) 3217 5700.