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Trust distributions in practice paper

Published on 20 Mar 13 by QUEENSLAND DIVISION, THE TAX INSTITUTE

Trust Distributions – clients will not make your life easier when preparing them, but there are general rules that will:

  • when do you 'resolve', when do you 'minute' and why does it matter?
  • my client will make a capital gain so when do you think about what the trust deed says and can you use the 'precedent' resolution giving the 'net income' to dad, mum and the kids? 
  • practical tips and pitfalls for streaming capital gains and franked income.
  • should you use percentages, figures or a mixture and how do you account for discrepancies and amendments?
  • getting the accounting right – you will be surprised how important it is.

Author profile

Stephen Holmes CTA
Photo of author, Stephen HOLMES Stephen Holmes, CTA, is a Partner at WMS Chartered Accountants based on the Gold Coast. Stephen has a particular focus on CGT, taxation implications of trusts and SME tax issues generally. He is a regular resource for other accounting professionals on tax matters. He is also a regular speaker on tax matters across south-east Queensland and northern New South Wales. In addition to holding masters degrees in both Taxation and Economics, Stephen completed a Juris Doctor degree at Bond University Law School in 2013 with first class honours. - Current at 27 November 2017
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