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Trust distributions in practice paper


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:

Author Photo - Stephen Holmes CTA
Stephen Holmes CTA
Stephen 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 assists clients to legitimately reduce their overall tax burden by innovative structuring and detailed planning. 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 04 March 2016 Click here to expand/collapse more articles by Stephen HOLMES.

This was presented at Practical Year End Solutions.

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