Trust distributions: getting your money out of the trust paper

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Non Member Price: $75.00

Publication date: 26 Aug 06

Source: WESTERN AUSTRALIAN DIVISION, THE TAX INSTITUTE

Abstract:

Trusts continue to be a preferred investment structure, yet we often struggle with the notion of trust law and income tax obligations. This paper reviews recent cases surrounding trust distributions and the practical problems of keeping these effective, including:

  • the pitfalls and opportunities of trust distributions
  • avoiding ineffective trust distributions - drafting the minutes
  • unravelling the Commissioner’s view in PS LA 2005/1 GA on distributing capital gains
  • do I need a controlling individual or significant individual?
  • the 2006 Budget changes.

Author profile:

Author Photo - Wayne Healy CTA
Wayne Healy CTA
Wayne is the Managing Director of McGillivrays Fresh Expert Accounting. He is a Certified Practising Accountant and has been with McGillivrays Fresh Expert Accounting for over 22 years. Wayne advises business clients in commercial and taxation matters and has provided litigation support to a number of legal firms in Perth. Wayne's clients require business structuring advice both in Australia and overseas. Trust structures, their establishment, use and unravelling, forms a major part of Wayne's professional career. Wayne is the current Chairman of the Education Committee and a State Councillor. He sits on the National Education Committee and the Education Advisory Board for the Institute and is a Fellow of the Tax Institute. Wayne is also a Fellow of both CPA Australia and the Institute of Chartered Accountants of Australia.
Current at 21 August 2012
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This was presented at WA State Convention.

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