Anton Murray Consulting’s Post

The transitional period for the implementation of third party data governance for investment industry entities has come to an end. Read more about how to understand your third-party data governance obligations.

If you’re an entity in the investment industry, the ATO will rate your third-party data tax controls during our assurance reviews that start after 1 July 2024. This impacts: • large superannuation funds • managed investment trusts (MITs) and attribution managed investment trusts (AMITs) • Corporate Collective Investment Vehicles (CCIVs) • insurance companies. We've previously released the Governance over third-party data supplementary guide. This guide assists investment industry entities to implement better practice third-party data tax controls. We have allowed a transitional period to implement controls and address the principles in the guide. This period has now ended. Going forward, we expect all investment industry entities to have put controls in place that follow the principles in the guide. More information can be found on our website. https://lnkd.in/gYWDdYUx

Why should all members and trustees of SMSF consider appointing an Enduring Power of Attorney (EPOA)? #SMSF #EPOA #estateplanning 1. An EPOA ensures that someone is legally authorised to make decisions on behalf of a member or trustee if they become incapacitated or are otherwise unable to manage their affairs. This is particularly important for SMSFs, as the fund must comply with strict legal requirements. Failure to make decisions or take action could negatively impact the fund's compliance status and financial health. 2. Superannuation laws in Australia require that all members of an SMSF must be trustees. If a member loses capacity without an EPOA in place, this could breach the Superannuation Industry (Supervision) Act 1993. An EPOA allows the appointment of a legal representative to act in the member's stead, ensuring the fund remains compliant. 3. Without an EPOA, if a member/trustee becomes unable to manage their affairs, it may be necessary for an application to be made to the court or a tribunal to appoint a guardian or administrator. This process can be time-consuming and costly and may result in someone being appointed who may not align with the incapacitated member's wishes or best interests. Given these reasons, it's highly advisable for SMSF members and trustees to consider the appointment of an EPOA as part of their broader estate planning and SMSF governance strategies. An EPOA not only provides a safeguard in the event of incapacity but also helps maintain the fund's continuous, compliant, and efficient management. You should consult your financial planner or legal advisor for assistance to suit your requirements. Australian Accountants https://lnkd.in/gbviKuxu can help you better administer your SMSF with our accredited ASIC-approved financial planning partners and legal advisors.

An offshore trust can offer several benefits when it comes to managing U.S. beneficiaries. Here are some key advantages: 1️⃣ Asset Protection: Offshore trusts provide a high level of asset protection. By placing your assets in a trust located in a jurisdiction with strong trust laws, you can shield them from potential creditors, lawsuits, and other risks. This ensures that the wealth you pass on to your U.S. beneficiaries remains protected. 2️⃣ Tax Efficiency: Offshore trusts can be structured in a way that provides tax advantages for both the grantor and the beneficiaries. Depending on the jurisdiction, you may be able to minimize or defer certain taxes, such as estate taxes, gift taxes, and capital gains taxes. This can help preserve more wealth for your beneficiaries. 3️⃣ Privacy and Confidentiality: Offshore trusts offer a greater level of privacy and confidentiality compared to onshore trusts. By establishing a trust in a jurisdiction with strict confidentiality laws, you can keep your financial affairs private and protect your beneficiaries from unwanted attention. 4️⃣ Flexibility and Control: Offshore trusts often offer greater flexibility and control over the management and distribution of assets. You can specify how and when the trust assets should be distributed to your U.S. beneficiaries, ensuring that your wishes are carried out according to your instructions. 5️⃣ International Investment Opportunities: By utilizing an offshore trust, you can access a wider range of international investment opportunities. This allows your trust assets to grow and diversify across different markets, potentially increasing the wealth available to your U.S. beneficiaries. It's important to note that while offshore trusts offer benefits, they also require careful planning and compliance with relevant laws and regulations, both in the offshore jurisdiction and in the United States. Consulting with experienced professionals, such as attorneys and tax advisors, is essential to ensure proper structuring and compliance. #OffshoreTrusts #AssetProtection #TaxEfficiency #WealthManagement #EstatePlanning

🇱🇺 Private Wealth Management: spotlights on the SPF Today we would like to put the spotlights on the Société de Gestion de Patrimoine Familial (“SPF”), the French term for “Private Wealth Management Company”. The SPF is a pure holding company under the legal form of Luxembourg which was designed by the law dated 11 May 2007. It is an attractive vehicle for individuals that can be used to manage and pool private assets in a tax neutral way within the restrictions of the SPF law. 🎉 SPF main advantages: - A tax neutral vehicle - A legal entity distinct from its shareholders - A simple and flexible asset management vehicle that complies with European Community regulatory requirements - A useful asset and estate planning tool ✅ SPF allowed activities: - Holding a stake in a company, if it does not interfere in its management - Holding a portfolio of investments (stocks, bonds under conditions, etc.) - Acquiring real estate through capital companies - On an ancillary basis, making interest-free advance or guarantee the commitments of the company in which it holds a stake ⛔ SPF prohibited activities: - Conducting commercial or industrial activities - Granting interest-bearing loans - Acquiring real estate directly, via partnerships or FCPs - Acquiring IP rights or patents 💰 SPF tax aspects: - No corporate tax nor net wealth tax - No withholding tax on distributions in general - Not a VAT taxable person - Subject to a subscription tax of 0.25%, limited to EUR 125,000 ⏱ Last but not least, in order not to lose the SPF regime, a yearly certification must be done by a Chartered Accountant and filed before 31 July. Any questions about the SPF? Contact our experts!

Meeting tax substance requirements in global financial hubs like Luxembourg, London, Amsterdam, and New York is crucial as tax authorities intensify their audits. For instance, Luxembourg demands evidence of local presence, while HMRC and Dutch tax authorities require clear operational substance for favorable tax treatments. Equitystream is your trusted partner in ensuring compliance. Our platform connects you with top finance professionals skilled in compliance, finance, risk & portfolio management, and corporate governance. With Equitystream, you can confidently demonstrate your business's substance to tax authorities, avoiding costly audits and maintaining your competitive edge. 💼 Leverage our expertise to meet stringent substance requirements. 🌍 Ensure robust compliance across key financial hubs. 🚀 Stay ahead in the global finance arena with the right talent. #Finance #TaxCompliance #Recruitment #Luxembourg #London #Amsterdam #NewYork #BusinessGrowth #RegulatoryCompliance Equitystream | Hire Different.

Ever wanted to be a ‘postal administrator’? In Scotland, owning a mailbox makes you one!📬😂 #RealEstateAccounting #RealEstateFinance #TaxServices #FinancialAdvisory #AccountingForRealEstate #PropertyInvestment #TaxAdvisory #RealEstateCPA #FinancialPlanning #RealEstateTax #TaxStrategy #RealEstateInvesting #AccountingServices #CommercialRealEstate #taxplanning #RealEstateDevelopment #PropertyTax #RealEstateAdvisors

Within the context of FinCEN beneficial ownership reporting, the Large Operating Company Exemption applies to entities meeting ALL of these six criteria: First, the company must employ more than 20 full-time employees, as defined by the Affordable Care Act, where a full-time employee, in general, is someone employed an average of at least 30 hours of service per week with the employer. Second, more than 20 full-time employees of the entity are employed in the United States. Third, the company maintains an operating presence at a physical office within the United States, defined as regularly conducting business at a physical location in the United States that the entity owns or leases and that is physically distinct from the place of business of any other unaffiliated entity. Fourth, the entity has filed a Federal income tax or information return in the United States for the previous year demonstrating more than $5,000,000 in gross receipts or sales. Fifth, the entity has reported this greater-than-$5,000,000 amount as gross receipts or sales (net of returns and allowances). Finally, even when excluding gross receipts or sales from sources outside the United States, the amount must remain greater than $5,000,000 https://lnkd.in/eusqJvMx Visit FinCENReporting.com and take a look around our website to learn more about Beneficial Ownership Reporting.

SMSF practitioners should maintain the highest documentation standards for their own funds due to the degree of scrutiny the ATO applies to them. https://ow.ly/cioJ50RGGHq Deloitte Liz Westover FCA The Tax Institute DBA Lawyers #SMSF #financialplanning #financialservices #ausbiz #accounting #superannuation #smsmagazine

Ever wanted to be a ‘postal administrator’? In Scotland, owning a mailbox makes you one!📬😂 #RealEstateAccounting #RealEstateFinance #TaxServices #FinancialAdvisory #AccountingForRealEstate #PropertyInvestment #TaxAdvisory #RealEstateCPA #FinancialPlanning #RealEstateTax #TaxStrategy #RealEstateInvesting #AccountingServices #CommercialRealEstate #taxplanning #RealEstateDevelopment #PropertyTax #RealEstateAdvisors