In June 2005 the ATO issued a draft ruling and booklet regarding service arrangements. The ruling allowed all but the high risk taxpayers 12 months to get their affairs in order.
It is time to make some important decisions. Will my service trust survive an audit? Do I wind up my service trust? If I wind up and the final ruling is favourable, what do I do? Is an alternative structure more appropriate?
The ATO Final Guidance document on service trusts is ready for imminent release. The guidance document will set out the ATO's risk profiling in respect of service trusts, in particular which mark-ups and calculation methodologies give rise to the least audit risk. These seminar materials highlight the changes and structuring options going forward.