Published on 27 May 08
by NEW SOUTH WALES DIVISION, THE TAX INSTITUTE
Recent case decisions have highlighted pitfalls in trustee distribution resolutions. They have also introduced uncertainty into the meaning of the term "income" in the context of trust distributions. Further, the ATO's published guidelines on trust distributions require careful consideration when making trustee resolutions. This paper examines:
- the review of trust deeds: what should be checked to ensure that trust distribution resolutions are correct?
- present entitlement: why is this vital when preparing trust distribution resolutions?
- meaning of the term "income": how do current views of the meaning of "income" affect trustee resolutions?
- practical distribution resolutions: for practical purposes, how should distribution resolutions be drafted?
Neil is Senior Tax Partner with the New South
Wales partnership of HLB Mann Judd, an Australasian group of
chartered accounting firms. Neil’s practice involves advising on all
aspects of income tax, fringe benefits tax, and goods and services
tax law to a range of clients. He also provides specialist tax support
to a number of smaller accounting practices. He is a member of
The Tax Institute among other professional bodies and is a former
New South Wales State Chairman of The Tax Institute.
- Current at
16 October 2014