SMSF Alert: October 2015

Key Points Mistakes on non-arm’s length income can cost you UK pulls the purse strings on early-release pensions Ticking the SuperStream communications box ATO warns on discretionary trust income 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. The ATO has recommended trustees preparing their annual returns...

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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