“The ATO maintains a database of trusts that have made family trust elections and also trusts in companies and so on that have made interposed elections”
DM
David Montani
Accountants Daily Podcast Network ·
“The typical next step would be... we'll make a family trust election in that trust, and we'll nominate the same person as test individual”
David Montani · Accountants Daily Podcast Network · Under the Hood: The restrictive family control test
Play from 9:41
9:41
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What was described
If a company beneficiary is owned by a trust that has not made a family trust election, first make a family trust election in that owning trust and nominate the same test individual as the distributing trust
Said nearby on the same subject
“We have to form a picture of all the clients' trusts, companies and so forth, what elections have been made, who are the test individuals, and we have to present that to the client”
DM
David Montani
Accountants Daily Podcast Network ·
“The will can establish a trust, a testamentary trust, and it holds those assets for that beneficiary... income from assets... can qualify as accepted income for minors, taxed at normal adult rates”
PB
Paul Benson Guidance Financial Services
Financial Autonomy ·
“And Goldman itself had owned part of our management company… we had quarterly meetings over that period… trust during that period as well.”
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