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The 30 June deadline for effective trust distribution minutes paper


The effect of both the Trust Streaming legislation and the ATO's withdrawal of IT 328 and 329 has meant that trust distributions need to be effected by no later than 30 June 2012 to prevent any risk of an adverse tax assessment.

Coupled with these developments,the ATO has recently released Draft Ruling TR 2012/D1 setting out its detailed views on the meaning of "income of a trust estate". This ruling will significantly impact how trust distributions are prepared for the current and future financial years.

This paper provides practical insights into the difficult issues confronted by tax professionals in this area. It works through a range of case studies and sample distribution minutes.

Specific topics include:

  • Preparing your practice for the 30 June deadline - what can be done?
  • Effectively dealing with differences between tax net income and trust income
  • Franked distributions and assessable capital gains: the practical issues
  • The interface between the Trust Streaming measures and Small Business CGT concessions
  • Capital distributions - when necessary?
  • Drafting minutes based on a quantum approach and modified proportionate approach
  • Income streaming and recording the character of the receipt.

Author profile

Peter Slegers CTA
Photo of author, Peter SLEGERS Peter Slegers heads Cowell Clarke’s Tax & Revenue Group. Peter advises and acts for a wide range of public and private companies, as well as the trustees of SMSFs. His areas of expertise include income tax (as it impacts on business and high net worth clients), CGT, GST, state taxes and superannuation law. Peter also undertakes succession planning work and is involved in significant business restructures. Regularly involved in advising SMSF trustees on issues associated with superannuation income streams, he is the co-author of The Tax Institute title, SMSF Income Stream Guide. - Current at 06 June 2017
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