Important: Reset your password We've made some changes to our website. You will need to reset your password to access your account, access online books, purchase items from our online shop, or download papers from the Tax Knowledge eXchange.
Published on 28 Sep 05
by QUEENSLAND DIVISION, THE TAX INSTITUTE
This paper covers the following:
what is trust income and what is trust capital?
can capital become income by definition?
making capital distributions under the trust deed
satisfying entitlements to income by distributing by specie
CGT consequences for the trustee and beneficiary
accessing CGT rollover exemptions
GST implications of in specie distributions
implications of recent cases
accounting for trust income which is defined as 'tax law net income'.
This paper was originally presented by Brian Richards at the 'A Matter of Trusts' seminar held in Brisbane on 28 October 2004. Minor changes have been incorporated to update the paper for presentation by Mark Molesworth at the 'Trusts Intensive' seminar held in Brisbane on 28 September 2005.
The Tax Institute is a Recognised Tax Agent Association (RTAA) under the Tax Agent Services Regulations 2009.
All materials provided on this site are protected by copyright and are owned by or licensed to TTI.
Except as expressly permitted by TTI or the copyright owner, any person or company who uses this site must not use, reproduce, redistribute, retransmit, publish or otherwise transfer, or commercially exploit, the materials or any information, software or other content, in whole or in part, which is available through this site.
We've made some changes to our website. You will need to reset your password to access your account, access online books, purchase items from our online shop, or download papers from the Tax Knowledge eXchange.
To reset your password, contact our Membership and Customer Services Team on +61 2 8223 0000 (Monday to Friday, 830am – 5pm AEDT). If available, please have your member number or web user ID handy.