Tax, Trusts & Superannuation

Murfett Legal works closely with high-net-wealth individuals, business owners, accountants and financial advisors to provide practical legal and commercial outcomes.

We can assist with the taxation impact on business transactions, from complex corporate restructures and the sale of a business to taxation of trust income and succession planning. We work alongside your accountant or financial advisor to help find the most tax-effective solution.

If you are the subject of a dispute with the Australian Taxation Office, we are in a unique position to provide you with comprehensive tax advice about your liabilities and to represent you if either you or your business entity is taken to court.

Our specialised taxation professionals are uniquely equipped to deal with the most complex tax advice for business transactions that impact international tax, corporate and M&A taxation, income tax, capital gains tax, GST and stamp duty obligations, taxation of trusts, and succession planning in the most cost-effective manner.

Services We Provide

  • Our experienced taxation lawyers can provide
  • Trust reviews and updates;
  • Tax-effective business structures and restructuring to ensure clients get a commercial and tax-effective outcome;
  • Capital gains tax, including small business exemptions;
  • GST advice;
  • Transfer duty structuring;
  • Business succession and estate planning;
  • Asset protection advice, including licensing strategies;
  • Establishing companies, trusts and superannuation funds; and
  • Innovative estate planning strategies.

Why Choose Murfett Legal?

Murfett Legal works closely with you to achieve the best possible taxation outcomes, both in the short and long term. Our team of taxation lawyers maintain an exemplary track record by:
  • Focusing on the outcomes and results of taxation decisions and strategies;
  • Maintaining up-to-date commercial and legislative awareness and a proactive approach;
  • Listening to and understanding the taxation and investment needs of our clients;
  • Maintaining open and clear communication across client and advisor channels;
  • Making an integral contribution to your taxation activities with our legal services; and
  • Providing a service that is both highly professional and cost-effective.

Our Experienced Taxation Lawyers Can Help

Highly regarded as legally astute yet personable and pragmatic, the Murfett Legal team works to understand your situation and collaborates with you to meet your needs.

Do you have a question or require legal advice regarding tax, trusts or superannuation? Contact our team today.

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FAQ For Tax, Trusts and Superannuation

How do I establish a self-managed superannuation fund?

First, you’ll need to seek advice from a financial advisor qualified to advise on superannuation matters. If they advise you to establish a self-managed superannuation fund (SMSF), you'll then need to create a trust deed. This is the legal document that sets out the rules for operating a SMSF and will outline whether the trustees will be individual members or a corporate trustee. Once completed, this document is submitted to the Australian Taxation Office (ATO), which will then grant the SMSF an Australian Business Number (ABN).

The trust deed must be prepared by a qualified legal professional to ensure that all legal obligations are met. Murfett Legal are experienced in preparing the required documentation and are always willing to assist you.

Can I put my super in a family trust?
Superannuation funds cannot be transferred directly into a family trust. Super funds are subject to specific legal and tax rules different from trusts. However, upon retirement or meeting a condition of release, you may draw from your super and then contribute to a trust, following legal and tax advice.
What kind of trust is appropriate for my needs?

Determining the appropriate type of trust depends on various factors, including your financial goals, family structure, and the nature of the assets involved.

The trust deed, which is the legal document outlining how the trust operates, plays a central role in defining the trust's structure and purpose.

Another consideration is the legal entity that will act as trustee. This could be an individual, such as a family member, or a corporate trustee, typically a private company. Each has its advantages and implications for control, liability, and succession planning.

We work with you to understand the specific nuances of your situation to ensure the trust setup aligns with your objectives and complies with legal requirements.

How are trusts taxed in Australia?
In Australia, trusts themselves are not typically taxed. Instead, beneficiaries of the trust are taxed on the income they receive from the trust, based on their individual tax rates. If income is retained in the trust, it is taxed at the top marginal tax rate. Special rules apply for minors and non-residents.
Does my trust need to lodge a tax return?
Yes, a trust usually needs to lodge an annual tax return, declaring all the income, deductions, and distributions. Even if there is no tax liability, the trust is required to file a return if it has a Tax File Number (TFN) or is registered with the ATO.
Is the ATO cracking down on trusts?
The ATO is increasingly scrutinising trusts to ensure compliance with tax laws. They focus on trusts that show signs of tax evasion, misuse for personal expenses, or incorrect distributions to beneficiaries. It's essential for trustees to maintain accurate records and ensure transparent and lawful management of trusts.
Can Murfett Legal assist with tax disputes?
Yes. As stated above, if you are the subject of a dispute with the ATO or are experiencing tax issues, we can help you.

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Customer satisfaction is the benchmark of success here at Murfett Legal. Contact us today and our lawyers will be in touch to fully understand your situation in order to provide clear cut solutions for your needs.

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