Get money out of your Family Trust?

Family Trusts can now pay Superannuation to its directors - By Brett Davies at Lawcentral




Many Family Trusts have a company as a trustee. That company has a human being as a director. The director wants to get paid. Can the Trustee Company pay him out of the trust assets? Can the Trust (rather than the Company) claim a tax deduction? And can the Company claim a tax deduction for the Director's Superannuation contributions? The good news is that the ATO has said yes.

Traditionally, you couldn't get money directly out of your Family Trust into your Superannuation. This new ATO approach now gives you a window to do this.