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Trust distributions: getting your money out of the trust paper

Published on 26 Aug 06 by WESTERN AUSTRALIAN DIVISION, THE TAX INSTITUTE

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 PKF Lawler Perth (formerly McGillivrays Fresh Expert Accounting). He is a Chartered Tax Adviser, Chartered Accountant and Certified Practising Accountant and has been with PKF Lawler Perth for over 28 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 a Board member of The Tax Institute's National Council and the current Chairman of the National Education Advisory Board. He is a member of the WA State Council. He has been a Chair person or member of both the WA State Council or Education Committee since the year 2000. Wayne is also a Fellow of both CPA Australia and the Institute of Chartered Accountants of Australia.
Current at 29 May 2014 Click here to expand/collapse more articles by Wayne HEALY.
 

This was presented at WA State Convention.

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