Tax Planning And The Benefits Of Corporate Beneficiaries

By Brendan Power

Brendan Power, a Director of Harris Black gives a brief introduction to the reason and benefits of undertaking tax planning prior to 30 June each year.

By understanding and planning ahead for our clients’ circumstances, decisions can be made to ensure they remain as tax efficient as possible.  Where events have occurred (eg sale of assets, children turning 18 or a large increase or decrease in taxable income) Tax Planning with a client gives Harris Black the opportunity to discuss and determine the best course of action with their client.

We have seen an increase in the use of corporate beneficiaries (or bucket companies) as a useful entity to withhold income within the family group at lower marginal rates, and also as a possible alternative to contributions to superannuation.

The information in this blog is intended only to provide a general overview and has not been prepared with a view to any particular situation or set of circumstances. It is not intended to be comprehensive nor does it constitute advice. While we attempt to ensure the information is current and accurate we do not guarantee its currency and accuracy. You should seek professional advice before acting or relying on any of the information in this blog as it may not be appropriate for your individual circumstances.

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