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A good estate plan involves developing a strategy on how to best distribute your assets in the event of death or, quite often forgotten, the loss of physical or mental capacity.

It is a common tax planning strategy for a business owner who uses the family discretionary trust as a preferred business structure to distribute business profits to a private company vehicle, commonly known as “bucket company”, to take advantage of the lower company tax rate at 27.5% rather than paying tax at a higher marginal tax rate applicable to individuals. Under tax law, these profits are required to be physically paid to the bucket company, which can then provide loans to the business owner, including family members and related entities on strict lending terms. 

Most of my clients have had their insurance risks assessed and we have adequate insurance cover either with an insurance company or via a superannuation fund.

For small and medium-sized businesses with turnover not exceeding $50m per year, the availability to claim an instant tax deduction of up to $30,000 per asset item becomes very appealing, especially when it means potentially saving a huge amount of tax.

About CSCG

CSCG provides the depth and breadth of services available from any major accounting firm while providing the personal touch only a locally-owned firm can offer.

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