No question is a dumb question -here’s why
Have you been in a situation where you don’t understand a term but don’t ask…because you sound stupid? In this video, I explain why asking is vital when dealing with lawyers or professionals.
If you have any questions contact me or one of the Millens team to get you on the right track.
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VIDEO TRANSCRIPT
Ross Millen:
Hi, it's Melbourne in June, and being outdoors is a bit chilly, but nothing as chilly as forgetting to do your distributions before the end of the financial year out of your trust. If you are in control or have a family discretionary trust, that's because after the 30th of June, they won't be effective for tax purposes. So therefore, you need to consider now with your accountant or with us, what are the best way to distribute the income out of your family discretionary trust, and do the distributions before the 30th of June. Now, one thing that some of our clients have fallen foul of in the past is making distributions to beneficiaries that aren't truly beneficiaries. Sometimes you think, "Oh, I've got a company over here that's got some losses. I'll take the income out of the trust and I'll push it over here." Only to find out after a few months when you look at it closely that that company is technically not a beneficiary for some reason.
So make sure if there's any doubts, give us a call. But make sure there's no doubt that who you're distributing to is in fact an eligible beneficiary of the trust. And sometimes, in older trusts in particular, you've got to get the consent of the guardian or the appointor. So make sure you jump all the hoops. If there's any doubts, give me a call. I'm Ross Millen at Millens or any other member of the Millens team. And we'll be able to help you make sure you get all your trust distributions right before the end of this financial year. Thanks for listening.
