{"id":94378,"date":"2022-06-26T07:02:39","date_gmt":"2022-06-26T07:02:39","guid":{"rendered":"https:\/\/websitedesigns.com.au\/elankanew\/?p=94378"},"modified":"2022-06-26T07:02:39","modified_gmt":"2022-06-26T07:02:39","slug":"australian-taxation-office-crackdown-on-family-trust-rorts-causes-alarm-among-tax-advisers","status":"publish","type":"post","link":"https:\/\/websitedesigns.com.au\/elankanew\/australian-taxation-office-crackdown-on-family-trust-rorts-causes-alarm-among-tax-advisers\/","title":{"rendered":"Australian Taxation Office crackdown on family trust rorts causes alarm among tax advisers"},"content":{"rendered":"<div class=\"dcr-1nupfq9\" data-gu-name=\"headline\">\n<div class=\"dcr-krkkhw\">\n<div class=\"dcr-13a2edo\">\n<h1 class=\"dcr-125vfar\" style=\"text-align: center;\"><span style=\"font-size: 24px; color: #000000;\"><span style=\"color: #000000;\"> Australian Taxation Office crackdown on family trust rorts causes alarm among tax advisers<\/span><\/span><\/h1>\n<p><img loading=\"lazy\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-94379\" src=\"https:\/\/websitedesigns.com.au\/elankanew\/wp-content\/uploads\/2022\/06\/Australian-Taxation-Office-e1656226652831.jpg\" alt=\"Australian Taxation Office\" width=\"600\" height=\"360\" \/><\/p>\n<p style=\"text-align: center;\"><span style=\"color: #003366;\"><span class=\"dcr-19x4pdv\">There is concern the ATO will investigate past \u2018red zone\u2019 actions, raising the prospect of bills for back taxes, inflated by years of interest.<\/span>\u00a0Photograph: The AGE\/Fairfax Media\/Getty Images<\/span><\/p>\n<p><strong><span style=\"font-size: 16px; color: #800080;\">Source:<\/span><\/strong><a style=\"color: #000000;\" href=\"https:\/\/www.theguardian.com\/australia-news\/2022\/jun\/26\/australian-taxation-office-crackdown-on-family-trust-rorts-causes-alarm-among-tax-advisers\" target=\"_blank\" rel=\"noopener noreferrer\">Theguardian.com<\/a><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">ATO gives example of child being given $180,000 then repaying it to parents for cost of bringing them up as going against community expectations<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"font-size: 16px; color: #000000;\"><a style=\"color: #000000;\" href=\"https:\/\/www.theguardian.com\/technology\/ng-interactive\/2018\/may\/15\/the-guardian-app?CMP=cvau_sfl\" data-link-name=\"in standfirst link\">Get our free news app<\/a>;\u00a0<a style=\"color: #000000;\" href=\"https:\/\/www.theguardian.com\/world\/guardian-australia-morning-mail\/2014\/jun\/24\/-sp-guardian-australias-morning-mail-subscribe-by-email?CMP=cvau_sfl\" data-link-name=\"in standfirst link\">get our morning email briefing<\/a><\/span><\/li>\n<\/ul>\n<p class=\"dcr-xry7m2\" style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">A crackdown by the\u00a0<a style=\"color: #000000;\" href=\"https:\/\/www.theguardian.com\/australia-news\/tax-australia\" data-link-name=\"in body link\">Australian Taxation Office<\/a>\u00a0on rorts involving family trusts has drawn alarm from some advisers as some of the practices under the microscope have become common practice.<\/span><\/p>\n<p class=\"dcr-xry7m2\" style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">Tax advisers are also concerned at the prospect the ATO will be examining the past behaviour of family trusts, raising the prospect of bills for back taxes, inflated by years of interest and penalties.<\/span><\/p>\n<p class=\"dcr-xry7m2\" style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">They have also been put on notice by the ATO that deliberately providing advice on trusts to avoid tax risks can attract fines of millions of dollars under promoter penalty laws.<\/span><\/p>\n<p><!--more--><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">Behaviour that the ATO says falls into the \u201cred zone\u201d includes arrangements, such as giving money to a child who then repays their parents for the cost of bringing them up to age 18, as well as more exotic \u201cwashing machine\u201d undertakings where money flows back and forth between a trust and a company.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">Behaviour that the ATO says falls into the \u201cred zone\u201d includes arrangements, such as giving money to a child who then repays their parents for the cost of bringing them up to age 18, as well as more exotic \u201cwashing machine\u201d undertakings where money flows back and forth between a trust and a company.<\/span><\/p>\n<p class=\"dcr-xry7m2\" style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">This can contravene section 100A of the Income Tax Assessment Act \u2013 a part of the law brought in during the 1970s, when tax evasion schemes were rife.<\/span><\/p>\n<p class=\"dcr-xry7m2\" style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">In one example given by the ATO, a family trust gives a university student with no other sources of income the entitlement to $180,000 \u2013 a figure that takes them to the brink of the top tax rate of 45%.<\/span><\/p>\n<p class=\"dcr-xry7m2\" style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">The student then agrees to pay the $180,000, less tax, to their parents, to reimburse them for the cost of bringing them up while a minor.<\/span><\/p>\n<p class=\"dcr-xry7m2\" style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">\u201cI don\u2019t know if I want to say it\u2019s a blatant rort,\u201d Clarke said. \u201cBut it\u2019s certainly not what I think community perceptions would be that it\u2019s reasonable practice.\u201d<\/span><\/p>\n<p class=\"dcr-xry7m2\" style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">Another practice falling into the ATO\u2019s red zone is a more complex arrangement where money is distributed to a company that the trust owns. The next year, the company pays the same money back to the trust as a dividend. By repeating this cycle, paying any tax at all can be put off for many years.<\/span><\/p>\n<p class=\"dcr-xry7m2\" style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">\u201cI don\u2019t know if I could say definitively how widespread those arrangements are,\u201d Clarke said. \u201cBut I think when we actually released the guidance, we were surprised by the concern. And so our thinking was that perhaps it\u2019s much more widespread than what we thought.\u201d<\/span><\/p>\n<p class=\"dcr-xry7m2\" style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">She said that there was \u201can attitude that has been developed over time where the idea that it\u2019s OK to split income and the flexibility that you get with distributions from trusts has caused a lot of tax practitioners to become quite sloppy and to push the boundaries without really thinking about 100A or whether what they\u2019re doing is appropriate\u201d.<\/span><\/p>\n<p class=\"dcr-xry7m2\" style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">Unease among tax advisers started to grow in February, when the ATO first flagged the changes.<\/span><\/p>\n<p class=\"dcr-xry7m2\" style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">Earlier this month, accountants Macks Advisory described it in a note to customers as a \u201ctrap\u201d and said it was likely that the ATO would not immediately \u201cstart dropping s100A grenades into family trusts\u201d but would instead \u201cdelay action so tax officers can levy interest and penalties or use the threat of a \u2018no-declaration-before-30-June\u2019 charge that will force small family companies to agree to concocted and inflated tax bills\u201d.<\/span><\/p>\n<p class=\"dcr-xry7m2\" style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">Clarke was keen to hose down some of the industry\u2019s worst fears. She said taxpayers and their agents could stand by decisions made on the basis of the previous guide on the topic that the ATO put out in 2014.<\/span><\/p>\n<p class=\"dcr-xry7m2\" style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">In addition, she said the ATO usually only looks back four years when auditing taxpayers and promoter penalties are only applied when promoters get a success fee, not just a normal fee for preparing a return.<\/span><\/p>\n<p class=\"dcr-xry7m2\" style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">The guide the ATO put out this week \u201cis really making it clear about how we will approach those cases outside the four year period, and saying you\u2019ve got some protection because of the 2014 guidelines,\u201d she said.<\/span><\/p>\n<p class=\"dcr-xry7m2\" style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">\u201cSo I don\u2019t think that there is an inequitable or unfair outcome because of the way that we actually approach our compliance program.\u201d<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">However, Lance Cunningham, technical leader in accounting firm BDO\u2019s Australian tax practice, said the 2014 guide \u201cwasn\u2019t very well written\u201d.<\/span><\/p>\n<p class=\"dcr-xry7m2\" style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">\u201cI guess I\u2019m hopeful that the tax office, what they\u2019re saying is, look, we\u2019re not going to be looking too had at the old ones,\u201d he said.<\/span><\/p>\n<p class=\"dcr-xry7m2\" style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">\u201cNow it\u2019s right there on the website, pretty plain and clear, to say this is a red zone one, don\u2019t go there.\u201d<\/span><\/p>\n<p class=\"dcr-xry7m2\" style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">He said the crackdown, and the excitement around it, had resulted in a lot more work for accountants \u2013 but not necessarily a lot more billable hours.<\/span><\/p>\n<p class=\"dcr-xry7m2\" style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">\u201cWe\u2019re getting a lot of work where we\u2019re just dealing with our clients as you do on a year-by-year basis, talking about the issues,\u201d he said.<\/span><\/p>\n<p class=\"dcr-xry7m2\" style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">\u201cSo I wouldn\u2019t say it\u2019s been a big windfall for accountants, in fact, in a lot of cases in these sorts of situations accountants spend more time talking through the issues with their clients than the clients are prepared to pay for.\u201d<\/span><\/p>\n<p class=\"css-i81n1e\" style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">\u2026 we have a small favour to ask. Millions are turning to the Guardian for open, independent, quality news every day, and readers in 180 countries around the world now support us financially.<\/span><\/p>\n<p class=\"css-i81n1e\" style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">We believe everyone deserves access to information that\u2019s grounded in science and truth, and analysis rooted in authority and integrity. That\u2019s why we made a different choice: to keep our reporting open for all readers, regardless of where they live or what they can afford to pay. This means more people can be better informed, united, and inspired to take meaningful action.<\/span><\/p>\n<p class=\"css-i81n1e\" style=\"text-align: justify;\"><span style=\"font-size: 16px; color: #000000;\">In these perilous times, a truth-seeking global news organisation like the Guardian is essential. We have no shareholders or billionaire owner, meaning our journalism is free from commercial and political influence \u2013 this makes us different. When it\u2019s never been more important, our independence allows us to fearlessly investigate, challenge and expose those in power.<strong class=\"css-dknhip\">\u00a0<span class=\"css-1lws350\">Support the Guardian from as little as $1 \u2013 it only takes a minute. If you can, please consider supporting us with a regular amount each month. Thank you.<\/span><\/strong><\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Australian Taxation Office crackdown on family trust rorts causes alarm among tax advisers There is concern the ATO will investigate past \u2018red zone\u2019 actions, raising the prospect of bills for back taxes, inflated by years of interest.\u00a0Photograph: The AGE\/Fairfax Media\/Getty Images Source:Theguardian.com ATO gives example of child being given $180,000 then repaying it to parents [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":94379,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"aside","meta":{"footnotes":""},"categories":[20],"tags":[45307],"class_list":{"0":"post-94378","1":"post","2":"type-post","3":"status-publish","4":"format-aside","5":"has-post-thumbnail","7":"category-articles","8":"tag-australian-taxation-office","9":"post_format-post-format-aside"},"yoast_head":"<!-- This site is optimized 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