Charlie Viola
speaker
337 appearances
1 recordings
1 series
first heard Jun 2026
last heard 1 Jun
Charlie Viola’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Jun 2026 with 1.
Appearances
We're okay with that.
What we think they've done, though, or the unintended consequence of not allowing monies to flow back from the beneficiary company and not having the rebatable tax offset has meant that there's a portion of money down there that gets double taxed.
We don't think that that was the intent.
We just think that they've probably got that wrong.
It's been pretty clear that the CGT changes are being rammed through government, I think, this week.
So they feel like they've got that bit right.
And this stuff still remains under consultation and they're still reviewing it.
We don't think everything there is wrong.
It's just that it's going to require us to really understand what it is that they were trying to achieve before we can actually start telling clients and actually start going and changing things.
Yeah, we need to wait and see.
We absolutely need to wait and see.
But if the rules remain as they are, family trust structures, the way that they've been created, will be utilized way less frequently.
The threshold for needing a family trust has gone up significantly because of the minimum 30% distribution.
So if you're using a family trust so that you can have a whole bunch of income and you're distributing income to a lower marginal tax rate payer, and that marginal tax rate payer, even with the income come from the trust, is below 30%, the trust no longer makes sense.
You may as well hold the money in the individual's name.
Secondly, if they don't amend the manner in which money can flow down to a beneficiary company, the trusts are dead, basically, because you would only ever pay enough out to the individual so that they're paying tax at 30, and the rest generally we would pay down to a beneficiary company.
Where you pay it down to a beneficiary company where the trust is already effectively being clipped 30% and then the company doesn't get the credit for that 30% and you pay 30% again, your effective tax rate is 51%.
So for those people, we probably have to unwind a number of those structures and we may just end up with investment companies over time.
So trusts are under real review depending upon what happens next.
Yeah, I think the overreaction is the CGT rules, if I'm really honest.
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