In this June 2025 Legalwise edition of “What you Need to Know with Dr Mark”, Dr Mark Pizzacalla discusses some salient 30 June year end tax issues in relation to family trusts that are required to be addressed in the lead up to financial year end.
Dr Mark Pizzacalla is a Senior Partner of global accounting firm, BDO. Mark is a recognised industry leader, and expert commentator and presenter on business and tax issues, having contributed significant tax commentary through media and publications, including Lateline Business, The Australian Financial Review and The Tax Institute Journal.
Mark has over 30 years of tax experience, including being appointed by the Federal Government to Australia’s Board of Taxation. Mark’s business experience, including as Director for various companies (incl German and Italian subsidiaries), gives him strong insights into both the strategic and operational business issues facing his clients. Mark’s specialisations include:
- Taxation audits, rulings & litigation
- Business advisory
- Structuring for acquisitions & disposals
- Corporate tax governance and risk management
- Inbound & outbound investments
- Succession planning
Mark completed his PhD in relation to the taxation of small businesses in Australia and is one of the few tax practitioners whose work has been cited in Australia’s Parliament. A number of Mark’s SME tax policy recommendations have been adopted by the Federal Government.
Should you wish to contact Dr Mark, he is available on email mark.pizzacalla@bdo.com.au or mobile 0413048440.
Transcript:
What You Need to Know with Dr Mark – Episode: Tax Planning for Trusts
In this episode, Dr Mark Pizza Killer provides practical guidance on tax planning for trusts as we enter June 2025. He highlights key considerations for lawyers and advisors working with family trusts in preparation for the 30 June year-end, including:
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Reading the Trust Deed: Ensuring all resolutions are valid and fit for purpose.
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Family Trust Elections (FTEs): Important for claiming losses and passing on franking credits; can be made retrospectively if certain conditions are met.
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Capital Gains Events: Confirming resolutions appropriately deal with any CGT events, including applying the 50% discount.
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Changes in the Family Group: Adjusting for changes due to divorce, succession, or new members, especially when an FTE is in place.
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New or Foreign Beneficiaries: Addressing withholding obligations and ensuring correct treatment of distributions.
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Vesting Dates & Beneficiary Accuracy: Checking the trust hasn’t vested and that beneficiary details remain up to date.
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Streaming Provisions: Confirming proper streaming of income and capital gains where applicable.
Dr Mark stresses the importance of careful review and planning during this critical time and invites viewers to reach out with any questions.
If you want to get further across this topic with expert advice register for Trusts in Family Law: Complexities and Practical Applications - Click here.
