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Family trust elections

Review your family trust elections to get your tax right

A family trust for tax purposes is one whose trustee has made a valid family trust election (FTE).

The FTE entitles the trust to access certain concessions, however family trust distribution tax (FTDT) is imposed when distributions are made outside the family group.

The ATO’s recent client engagement activities have highlighted instances where FTDT liabilities could have been avoided if FTE and interposed entity election (IEE) details had been regularly reviewed.

Where these elections are in force, trustees and their registered tax agents should consider the following (at least annually):

  • Do you still need the election, or should it be revoked?
  • Is the specified individual still the most suitable person or should this person be varied?
  • Are you within time to vary and/or revoke your elections?

It’s important to recognise the members of the specified individual’s family group when making annual trustee resolutions as distributions outside of this group will result in FTDT.

Omnis Group are modern, forward-thinking Business Accountants in Perth, providing practical, proactive, real-world advice and support that goes beyond the basic preparation and lodgement of tax returns, to identify opportunities for improvement in your business. Contact us in Subiaco Perth on 08 9380 3555.

Source: ATO

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Omnis is a strategic accounting and financial planning firm that understands you and your business, and helps you maximise the opportunity you have.

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Justin Flavel

Managing Director

Justin’s experience spans across 20 years in accounting, financial analysis and general business practice.

Although born and bred on the land, Justin’s interest was more in spreadsheets, ledgers, and finance which led him to attend university. In 1992, Justin graduated with a Bachelor of Business majoring in Accounting and Finance. As well as qualifying as a CPA member and becoming a Fellow of the Taxation Institute of Australia, he began gaining practical experience in small and mid-tier accounting practices.

During the late 90s, Justin decided to expand his horizons and travel through Europe. It was during this time that he seized the opportunity to expand his knowledge on the workings of large organisations by taking on roles in multinational corporations.

Today, Justin’s passion is in facilitating businesses to grow and evolve. His focus is on acting in the role of business mentor to help clients develop the full potential of their businesses. He joins clients on their unique journey, and provides the tools and knowledge they need along the way to make the right decisions.

Justin’s aim for his clients parallels his own philosophy and personal journey—focusing on his own career growth and business success while maintaining balance in his life with his wife and three daughters.

Omnis Group Managing Director - Justin Flavel