FPA welcomes defeat of tax amendment bill
Jo-Anne Bloch
The Financial Planning Association (FPA) has welcomed the defeat of the tax amendment bill in the Senate, which proposed that only children and grandchildren could benefit from the use of family trusts.
In a statement submitted to the Senate Economics Committee Inquiry into the Tax Laws Amendment, the FPA said that the change of definition to include only children and grandchildren as beneficiaries would reduce Australians’ access to family trusts.
Chief executive of the FPA Jo-Anne Bloch said Australians needed family trusts to provide for all their future generations, not just children and grandchildren.
“Family trusts provide a very cost effective and efficient mechanism for providing for future generations of Australians, as well as children and parents of separated and blended families,” Bloch said.
“One of the major concerns was that the passing of the bill would remove the ability of people to provide for future generations. Establishing a family trust with multi-generational life is one of the most common and effective means of achieving this goal,” she added.
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