Sunshine Coast Region, Queensland
Accountant in Mooloolaba
A family trust that needs its resolution by 30 June, and a first home deposit in super
Trust and company returns, structuring and individual tax for Mooloolaba family businesses and renters, from a CPA practice.
Mooloolaba was known as Mooloolah Heads until 1919, when Thomas O'Connor changed the name. Its harbour on the Mooloolah River is home to a large fleet of fishing vessels and two marinas, and the beachfront esplanade is a centre for tourist activity. In the 2021 Census, 47.6% of its occupied homes were flats or apartments and 41.5% were rented.
Harbour, esplanade and apartments
Mooloolaba in the record and in the 2021 Census.
The suburb is bounded by the Coral Sea, the Mooloolah River, Alexandra Headland and Buderim, 4.6 km south-south-east of Maroochydore. Mooloolaba Surf Club was established in December 1922 and the provisional school opened on 2 May 1933. Harbour-side, the Wharf Marina covers 2.2 hectares and Mooloolaba Marina 12.1 hectares, and the harbour is the northern base for the pilot vessels that control shipping through Moreton Bay. Sea Life Sunshine Coast on Parkyn Parade has an 80-metre underwater viewing tunnel.
The 2021 Census counted 8,202 residents with a median age of 44 and a median weekly household income of $1,506. Of the 4,678 private dwellings, 867 were unoccupied on Census night. One-person households made up 33.1% of occupied homes, and median weekly rent was $400. Professionals were 22.0% of employed residents and Managers 13.5%.
Trusts, structures and a first home
The 30 June trust resolution
Why it happens
A family business or investment portfolio held in a discretionary trust has a trustee who decides each year which beneficiaries receive the income.
Why it matters
A resolution making beneficiaries entitled to trust income only counts for tax if it is made by 30 June, or by an earlier date if the trust deed requires one. If no beneficiary is presently entitled at 30 June, the trustee can be assessed on the trust's net income. The resolution doesn't need to state a dollar amount.
How we help
Lomandra Accounting offers company, trust and partnership tax returns prepared with evidence for every claim. Check your trust deed for any earlier resolution date.
Choosing the structure in the first place
Why it happens
A partnership or sole trader business grows, or a couple starts investing together, and a trust or company is suggested.
Why it matters
A trust brings a deed, a trustee, annual resolutions and a separate tax return. A company brings ASIC obligations and Division 7A rules. Each suits some situations and not others.
How we help
We map out how different options such as sole trader, partnership, company, or trust would apply to your situation, including setup, ongoing costs, and the way profit flows to owners.
Saving a first home deposit through super
Why it happens
In 2021, 41.5% of occupied homes in Mooloolaba were rented. A tenant who wants to buy can save part of a deposit inside super.
Why it matters
Under the First Home Super Saver scheme, voluntary super contributions of up to $15,000 a financial year, and $50,000 in total, can count towards a first home. Both concessional and non-concessional voluntary contributions count. When released, 100% of eligible non-concessional contributions and 85% of eligible concessional contributions, such as salary sacrifice, are included.
How we help
Keep a record of each voluntary contribution and whether it was salary sacrificed or paid from after-tax income.
Frequently asked questions
When must a trust distribution resolution be made?
By 30 June of the income year, or an earlier date if your trust deed says so. Without an effective resolution, the trustee can be assessed on the trust's net income.
Should my Mooloolaba business be in a trust?
It depends on the owners, the business and the plans for it. We map out how different options such as sole trader, partnership, company, or trust would apply to your situation.
How does the First Home Super Saver scheme work?
You make voluntary contributions to super, up to $15,000 in a financial year and $50,000 in total, and later apply to have eligible amounts released towards a first home. Non-concessional contributions count at 100% and concessional contributions at 85%.
What should I bring for a trust return?
Last year’s tax returns and financials, current Xero or bookkeeping files, bank and loan statements, trust deeds and minutes.
Where to next
Have a question?
Before 30 June
Connect with Lomandra Accounting for a quick scoping call.
Lomandra Accounting is a CPA Practice, registered with the Tax Practitioners Board and an SMSF Specialist. Emma, the Director, is a Certified Practicing Accountant (CPA) with extensive experience in commercial business management, and specialises in Self-Managed Super Funds (SMSFs).
- 07 5234 9201
- admin@lomandraa.com.au
- Sunshine Coast, QLD
- Monday to Friday, 9am to 4:30pm