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Trust distributions in practice paper


The introduction of trust streaming changes has caused many practitioners to panic about ensuring clients’ trustee distributions are correctly in place by 30 June each year. In this paper, Graeme spells out what is needed to methodically address each client’s circumstances by 30 June to ensure your trustee client, and you, are safe from ATO scrutiny.

The issues covered include:

  • Where do you start and where do you go to find the information?
  • Practical recognition and treatment of the basic terms of distributable income, s95(1) income, income equalisation and income recharacterisation clauses, including TR 2012/D1 interpretation
  • Use of proportions, fractions or percentages rather than dollar amounts
  • What types of income can be streamed and how?
  • How to handle distributions through a chain of trusts
  • What happens if the ATO amends?
  • Use of resolution decision checklists and decision trees
  • Determining the eventual journal entries, general ledgers and accounts.

Author profile

Graeme White CTA
Graeme is a Director of WGC Business Advisors Pty Ltd, a chartered accountancy firm specialising in taxation and strategic advice to SMEs and high net worth individuals. Graeme has over 35 years of experience in providing accounting, business advisory and taxation services, with a specialised understanding of, and ability to address, the fundamental issues relating to clients' business, succession and estate plans. - Current at 29 July 2016
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This was presented at 51st Victorian State Convention .

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Individual sessions

Resolving tax disputes

Author(s):  Michael BEARMAN

Materials from this session:

Transfer pricing: The ATO perspective

Author(s):  Michael JENKINS

Materials from this session:

Family trusts and the family court

Author(s):  Geoffrey DICKSON

Materials from this session:

The new Part IVA - Clarification or extension?

Author(s):  Simon STEWARD

Materials from this session:

Cases review

Author(s):  Jerome TSE

Materials from this session:

The new transfer pricing rule

Author(s):  Michael SELTH

Materials from this session:

Reportable tax positions

Author(s):  Judy MORRIS

Materials from this session:

Further details about this event:


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