Category: MIL-OSI

Source: New places to play in Gungahlin

As the 30 June deadline for trust resolutions approaches, it’s crucial for trustees and their advisers to be clear about their obligations. Our end of financial year (EOFY) checklist will help you avoid basic trust errors that can arise if you don’t fully understand your obligations or take reasonable care to get things right.

1. Understand how income is defined for the trust estate.

Trustees must be familiar with their trust deeds and accurately determine the income of the trust estate for each financial year. Common errors include actions that are inconsistent with the deed, mistaking accounting profit for distributable income, and misinterpreting trustee powers. To avoid these errors, trustees should:

• review the trust deed and distribute income according to each beneficiary’s entitlements
• review the trust deed to understand how it defines income.

2. Identify the trust’s beneficiaries.

Trustees need to correctly identify the beneficiaries of their trust. Errors often occur when trustees fail to read the deed, distribute to non-beneficiaries, or distribute outside the family group when a family trust election (FTE) or interposed entity election (IEE) is in place. To prevent these mistakes, trustees should:

• identify beneficiaries as per the trust deed
• ensure all entitled beneficiaries quote their TFN and are notified of their entitlement.

3. Understand resolutions and present entitlement.

Trustees must make valid resolutions to appoint or distribute income to beneficiaries by

30 June of the relevant tax year. If resolutions aren’t made by this date, the trustee may be liable for all income of the trust and taxed at their marginal rates. Errors such as invalid resolutions and back-dated resolutions can be avoided by:

• reading the trust deed
• making clear and timely resolutions.

4. Identify any family trust elections (FTE) or interposed entity elections (IEE).

A family trust is a trust where the trustee has made a valid FTE. Family trusts can access tax concessions but, distributions made outside the family group will trigger family trust distributions tax (FTDT). This is a specific 47% tax payable by the trustee on the distribution. The Commissioner has no discretion with FTDT once it is triggered. Therefore, trustees should be vigilant about existing FTEs or IEEs in place and maintain accurate records.

We’re seeing an increase in trustees distributing outside the family group triggering FTDT. To limit FTDT risks, trustees should:

• be aware of all FTE or IEEs made and their family group
• keep copies of all elections.

5. Maintain clear and accurate records.

Poor record keeping is the most common cause of issues related to trusts. Trustees need to understand that they’re personally liable for the debts of the trusts they administer. Keeping complete and accurate records can prevent unforeseen tax liabilities falling upon the trustee.

More resources

You can also use our Trust tax-time toolkit for more useful information, checklists and tips to ensure you correctly meet your trust tax obligations.

We also recommend you favourite or bookmark our comprehensive web Trustscontent so you can access it whenever you need it.

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Read more articles in our online Business bulletins newsroom.

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Source: New South Wales Ministerial News

Bendigo Airport is buzzing with excitement as it celebrates a major milestone – over 100,000 passengers have enjoyed the QantasLink Bendigo to Sydney flight service.

To mark this incredible achievement, Bendigo Airport is launching an exciting competition with four Qantas return flight tickets to Sydney up for grabs.

Bendigo Airport Manager Vicki Bayliss said the 100,000-passenger milestone illustrated the growing success of the regional airport service.

“In April 2019, the city welcomed the arrival of QantasLink and regular passenger flights between Bendigo and Sydney,” Ms Bayliss said.

“Despite the COVID-19 pandemic disrupting the airport’s growth for a time, the community returned when borders opened to support this important service, and I would like to thank you for contributing to the airport’s continuing success.

“It is clear word is out about the advantages of flying from Bendigo Airport’s new terminal.

“It is a stress-free experience when you choose Bendigo Airport, with ample cheap parking close to the new terminal building, a seamless and quick check-in, and great customer service from our dedicated staff.

“The service is proving popular with the business community and holidaymakers.

“There were just over 5,000 passengers when the service first started in 2019 and six years on it has increased to 100,000 which is significant growth.

“To have an airport in central Victoria is so convenient and important for Greater Bendigo residents and for people living in surrounding shires.

“It means less time commuting to Melbourne and more time enjoying your trip. Flying direct to Sydney from Bendigo Airport takes less than two hours and provides connection access to more than 100 destinations across Australia and internationally.

“Flights between Bendigo and Sydney can now carry more people with a faster flight time after the introduction of Qantas’s expanded Dash 8-400 fleet last October.”

To celebrate the milestone of 100,000 passengers, Bendigo Airport, in collaboration with Qantas, is launching an exciting competition in the City of Greater Bendigo’s free GB magazine. The autumn edition is hitting mailboxes this week. There is also a digital version on the City’s website for residents who do not have access to a printed copy.

For your chance to win one of four return flight tickets from Bendigo to Sydney on QantasLink, complete the entry form and enter a code. The competition is open until 11:59 PM (AEST) Friday, May 30. Terms and Conditions apply.

“Don’t miss out on this fantastic opportunity. Enter the GB magazine competition now and you might be one of four lucky GB magazine readers who will soon be flying up and away from Bendigo Airport,” Ms Bayliss said.

To view the digital version of GB magazine, visit:

Source: Ministers for the Department of Industry, Innovation and Science

Australian solar pioneer 5B has been selected as the first project to receive funding from the Australian Government’s $1 billion Solar Sunshot Program to help expand Australia’s solar manufacturing industry.  

Funding of up to $46 million will go to the Australian based company to increase manufacturing capacity of its highly innovative ‘Maverick’ – an automated solar deployment system using prefabricated, prewired panels. The technology has the potential to drastically speed up and scale up the roll out of solar farms, reducing the cost and labour intensity of current methods.  

ARENA CEO Darren Miller said ARENA is excited to be announcing 5B as the first project under the Solar Sunshot Program to support solar manufacturing in Australia to accelerate the renewable energy transition.   

“This project represents the best of homegrown Australian technology and innovation in solar and we are proud to support 5B’s goals of making solar deployment faster, cheaper, safer and more efficient.  

“ARENA has a vision of reaching 1 terawatt of installed solar PV in Australia by 2050 to achieve our renewable energy ambitions. Projects like this are what we need to get there.” 

“Today represents a step towards building Australia’s resilience in the solar value chain as the global demand for renewable energy technologies, products and knowledge intensifies.”  

5B CEO David Griffin said this funding would drive down 5B’s Australian production costs by 25% and accelerate 5B’s ability to offer large customers lower cost energy alongside the safety, speed and land efficiencies unique to the 5B Maverick solution.  

“It means we can further strengthen our team, creating opportunities from the factory floor, in our field deployment crews, and specialists working on gigawatts of solar farm designs.”  

The funding will support the expansion of 5B’s Australian manufacturing capacity in solar to produce at least 200 MW of Maverick units at their Adelaide manufacturing facility over the next three years. The Maverick systems will support the demand for increased deployment of large-scale solar across Australia. 

About Solar Sunshot  

The Australian Renewable Energy Agency (ARENA) is delivering the $1 billion Solar Sunshot Program to support innovation in Australia’s solar photovoltaic (PV) manufacturing industry.   

Solar Sunshot was announced by the Australian Government in March 2024 and aims to uncover and support innovation to drive scale and diversity in a critical industry.    

Australia benefits from strong renewable energy potential, high-quality, abundant raw materials, and a long track record of excellence in research and development.   

Solar Sunshot aims to harness these advantages so that Australia can strengthen and diversify its supply chains and create economic opportunities.    

Round 1A offers $500 million of capital and production-linked funding for solar PV manufacturing innovation, with a focus on modules, inputs to modules and deployment systems (closed). 

Round 1B offers $50 million of funding to support solar PV manufacturing studies, including feasibility and engineering studies (remains open).  

Funding to 5B has been awarded under Round 1A of the Program. 

Learn more at https://arena.gov.au/funding/solar-sunshot/   

ARENA media contact:

media@arena.gov.au

Download this media release (PDF 151KB)

Source: Australian Capital Territory Policing

21/05/25

Source: Australian Parliamentary Secretary to the Minister for Industry

Karl Stefanovic:

Jim, good morning. Nice to see you. Looks like you just got out of the shower my man.

Jim Chalmers:

A couple of hours ago, Karl. Good morning. How are you?

Stefanovic:

The Coalition is taking a bath this morning. I mean, could you get more lucky?

Chalmers:

It’s obviously a mess on the former Coalition side of the parliament, but it’s really not our focus. As you said in your introduction, we saw interest rates cut yesterday for the second time in 3 months. We’re getting inflation down, we’re getting wages up, we’re keeping unemployment low. And that’s because our focus will continue to be on providing stable, responsible, considered, methodical economic leadership. And we saw some of the dividends of that yesterday when rates were cut again.

Stefanovic:

You’re restraining yourself from talking about it. I see that in your eyes, Jim. I’m sure it’s the scuttlebutt around town. Look, the makeup of the parliament we looked at it this morning, you guys weren’t that bloody good.

Chalmers:

We’re very grateful for the magnitude of the victory that we saw a few Saturdays ago. We’ve made it really clear we’re grateful for the support that was shown by the Australian community. I think they did go for that stability and that responsible economic management. We’ll hear more about that later today when our campaign director fronts the National Press Club.

But we don’t want to waste the day. We’re grateful for the opportunity. We know that a second term is an opportunity to build more homes and roll out more renewables, make our economy more productive, get on top of this inflation challenge, help with the cost of living. And so that’s been our focus, really, throughout the first term, throughout the campaign, and it will be the major focus of our second term too.

Stefanovic:

Have you spoken to the PM about the Coalition dramas? I mean, as Phil Coorey points out this morning: the Prime Minister may as well do another couple of laps of the sun.

Chalmers:

I haven’t spoken to him about the Coalition. Obviously, we’ve had some interactions while he’s been overseas, but not about that. And on the second part of your question, I genuinely believe that things change quickly in politics. We’re not getting ahead of ourselves. Our working assumption is that elections are typically close in this country. The last one, notwithstanding, was a better result than what most people were anticipating. But we don’t underestimate our political opponents, and we don’t focus on them.

Yesterday was a big event, it was a shambles, it was a mess, but it wasn’t our focus. My focus yesterday was on this interest rates decision which will provide welcome relief for millions of Australian families. We’ll continue to focus on the things that really matter to people, even while our political opponents continue to focus on themselves.

Stefanovic:

You’re expecting more mortgage relief later in the year. There are – plenty of speculation this morning that’s going to drive prices through the roof. How much of a concern is that?

Chalmers:

I don’t make predictions about future decisions taken by the independent Reserve Bank. Certainly the market and the economists expect that there will be more interest rate cuts to come and that won’t be the only factor when it comes to house prices. House prices are usually a combination of a whole range of factors. And so our focus is on continuing to put this downward pressure on inflation, keep unemployment low, get wages growing again, roll out our cost‑of‑living help and also build more homes because we want people to be able to access more affordable options.

Stefanovic:

All right. Finally, we now know Australia’s biggest super funds asked you to reconsider the super tax. They’ve had no luck with that. You’re staying stubborn on that, you will not change it?

Chalmers:

First of all, they said that publicly a couple of years ago. They made a public submission to, when we did one of the 3 rounds of consultation we did on these changes. We haven’t changed our policy that we took to the election. The policy that we announced a couple of years ago. I listen respectfully when people have got a range of views about this policy or indeed any policy, but we’ve made it clear what our priority is here and that’s how we intend to progress.

Stefanovic:

Can you fix the train network in Sydney this morning for us just before we go?

Chalmers:

I just saw that story on your news a bit earlier on. I hope people can get safely to work and that those issues can be resolved as quickly as possible.

Stefanovic:

Good on you, Jim. Always good to talk to you.

Chalmers:

Thanks Karl, you too.

Source: New places to play in Gungahlin

When considering trustee resolutions in the lead up to 30 June, it’s important for trustees of family trusts who have made a Family Trust Election (FTE), or entities with an Interposed Entity Election (IEE) to:

• review their FTEs and IEEs
• understand who is in their family group.

This is critical to help lower the risk of any FTDT liabilities arising.

Once a valid FTE or IEE is made, it’s important to be mindful of who the specified individual is (for each election). This is because there is a strict legal definition of family group, and it’s based on who the members of the ‘specified individual’s’ family group are. Often in private groups, there may be multiple family trusts with different specified individuals (which means there will be differences in who is in the ‘family groups’). There may have also been expansion of the business with new entities or changes in family members (e.g. if there was a divorce). While the election is in effect, FTDT will apply if any distributions are made outside the family group. FTDT is a 47% tax, payable by a trustee, director, or partner.

To ensure you don’t trigger FTDT liabilities, before making distributions, trustees should:

• maintain strong governance and record-keeping practices
• understand what FTE or IEE elections an entity or group has in place
• identify the members of the specified individual’s family group.

Trustees should review this information on an annual basis and keep these elections front of mind when administering their tax affairs.

The Commissioner has no discretion to ignore the application of FTDT, cannot limit the period FTDT applies and has no power to extend the time to revoke or vary elections.

If you’ve not made an FTE or IEE before, or are considering making one at the end of the financial year, it’s important to consider both the current and future impacts of making the election. While the concessions from making elections can be advantageous, there can be future limitations, constraints and potentially significant financial impacts for the private group for generations to come. 

We’re seeing an increase in FTDT issues due to inadequate record keeping, succession planning, intergenerational expansion of businesses and evolving private groups. We encourage trustees and their advisers to review now.

If you’re unsure about any matters related to FTE or IEEs you should speak to your registered tax agent.

Resources

Web content:

• Family trusts concessions – our web content covers FTEs, IEEs, the benefits of family trusts and FTDT.
• Trusts – favourite or bookmark our comprehensive Trusts web content so you can access it whenever you need it.

Keep up to date

We have tailored communication channels for medium, large and multinational businesses, to keep you up to date with updates and changes you need to know.

Read more articles in our online Business bulletins newsroom.

Subscribe to our free:

• fortnightly Business bulletins email newsletterExternal Link
• email notifications about new and updated information on our website – you can choose to receive updates relevant to your situation. Choose the ‘Business and organisations’ category to ensure your subscription includes notifications for more Business bulletins newsroom articles like this one.

Source: Northern Territory Police and Fire Services

Source:

The attached Incoming Government Brief for the mental health portfolio outlines the mental health sector’s priorities for the Albanese Government in the first 100 days and first year, as well as the ongoing reforms the sector is keen to see the government continue to deliver.

Source: New places to play in Gungahlin

Source: Northern Territory Police and Fire Services

The Northern Territory Police Force has charged a 45-year-old male with murder following the death of a 62-year-old male in Palmerston on 19 February 2025.

Following the incident the male was arrested and the victim was conveyed to Royal Darwin Hospital with serious injuries.

The 45-year-old male was initially charged with recklessly endanger serious harm and aggravated assault and was remanded to appear in Darwin Local Court on the 14 April 2025.

Over a week later on 2 March 2025, the victim passed away.

Serious Crime detectives upgraded the 45-year-old males charges to murder on the 14 April 2025 and he was remanded to appear in Darwin Local Court today.