Section 100A
Section 100A is an anti-avoidance provision seeking to prevent a tax benefit arising under a pre-existing agreement between two or more people.
The new Practical Compliance Guideline relies on a traffic light risk assessment system with three zones: Red (higher risk), Green (low risk), and White (no ATO action for matters before 2014).
What Accountants need to do
Owies Case
‘Owies Case’ highlights the emerging pattern of scrutiny by the Australian Courts and how trustees need to act carefully and responsibly when exercising discretions provided by the trust deed.
Failing to follow the terms of the trust deed or any breach of the trustee’s duties could result in the reversal of decisions dating back several years, as well as the potential removal of the trustee and the potential appointment of an independent trustee.
What Accountants need to do
Deep dive into requirements with our Trust Distribution archive.
Trust Distribution work has changed dramatically over the last few years. The interpretation by the ATO and the court of trust law has seen many changes that need to be considered, like Section 100A and Owies Case, to get the best outcome for your clients.
* Is the work you’re doing for Trust Distribution compliant with these changes?
* Do your clients’ Trust Deeds need to be updated?
Join ChangeGPS Founder Timothy Munro and GM David Boyar FCA for this webinar to learn the systems you can use to save time and de-risk your firm.
De-risk your practice
with a client rejection email, specifically designed for Trust Distributions.
Easily educate your clients
on the risks and benefits of your Trust Distribution advice using our templated VVP (Value, Plan, Price) email.
Manage key tasks efficiently
Flexibility to Accurately Distribute
The Trust Distribution application allows you to enter distribution amounts as either dollars, percentages, or as text, giving you the flexibility needed.
Quick & Easy Reports
Get started from scratch with the wizard, or update a previous report for quick and professional-looking reports.
Keep On-Brand
The letterhead and report are white labelled for your firm, meaning your clients are seeing you and keeping your advice on-brand.
Tools to Minimise Risk and Win Clients
ChangeGPS gives accountants the tools and resources to deliver elegant, efficient and de-risked advice through the Core Pro app. Our tool helps you:
- Explain to clients that the preparation of a Trust Distribution Resolution is an additional and essential service
- Reprice Trust Distribution Resolution services and clearly explain why the pricing needs to change
- De-risk yourself and your client in line with “Owies case”.
- Help Client Success Coordinators manage the signing process before 30 June 2023
- Plan your Trust Distribution process to accommodate Section 100A changes
Want to talk to someone about how ChangeGPS can help you streamline your trust distribution work and your firm grow?
Book an obligation-free Discovery Call with us today.
Recent
Resources
Trust Distribution Hub
Your Trust Distribution process should start by reviewing the deed to determine whether an update...
Tax Planning Hub
A strong Tax Planning strategy allows you to take your clients beyond just tax reduction...
Accountant’s Foundation: Professional Firm Profit (PFP)
PCG 2021/4 is a practical compliance guideline regarding the allocation of profits from professional firms,...
