SMSF Alert: October 2015

The ATO is looking closely at income from discretionary trusts. Elsewhere, the rules have changed for anyone hoping to access pension funds accrued in the UK, and trustees must be sure they comply with Her Majesty’s requests.

The Australian Taxation Office (ATO) has put the word out for trustees to take extra care when reporting distributions from discretionary trusts, where income is distributed to beneficiaries at the trustees’ discretion.

Because of this apparent freedom around who gets how much, distributions from discretionary trusts are thought of as non-arm’s length income, which is taxed at the highest marginal rate.

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