The world seems to have gone crazy with an ever-increasing shift away from the old “normal”.
Two years of coronavirus lockdowns and disruptions have now been followed by catastrophic floods, Russia (led by a deranged lunatic who makes Kim Jong-un look sane) bombing a nuclear power station and threatening to plunge the world into a nuclear war.
Then when we were at a point when we thought nothing could surprise us, we woke on Saturday morning to the news that Shane Warne had died at 52!
Another significant change to the world for small business owners and investors (that use family trust structures) may have gone unnoticed.
On 23rd February 2022, the Tax Office released TD 2022/D1 which is an extraordinary attack on the previously long-accepted practice of distributing income to companies and family members. This ruling effective from 1st July 2022 will have significant consequences for many of our clients. We will discuss this with you and advise how to best manage this situation between now and 30th June.