‘Alarm bells ringing’ on ATO trusts tax crackdown – reimbursement agreements, deemed dividends & distributions to adult and minor children
[AFR 23.2.22] The Tax Office’s latest crackdown on payments from family trusts will limit “washing machine” cash distributions and tax-saving arrangements completed under the guise of ordinary family business. A long-awaited draft ruling and practical compliance guidelines were released by the Australian Taxation Office on Wednesday, flagging permanent changes that accounting experts said would ring alarm…