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Trust distributions: The practical issues paper


The Australian Taxation Office has recently commenced a wide ranging review into trusts with a particular focus on trust distribution minutes. This paper considers the steps that need to be taken by accountants and other tax professionals to minimise any exposures and prepare for audits in this area. Although this is a highly technical and difficult area, this paper focuses on practical solutions required to achieve the desired outcomes.

Topics covered include:

  • tax net income and trust income debate: state of play following Bamford decision
  • "flow through" of franking credits and streaming dividends, capital gains and ordinary income
  • significant individuals under Small Business CGT Concessions: what practically is required?
  • potential traps
  • update on Commissioner's Practice Statement and discount capital gains
  • what to look for in the trust deed and suggested tips for drafting trust distributions minutes.

Author profile

Peter Slegers CTA
Photo of author, Peter SLEGERS Peter is a Partner at Cowell Clarke and heads up the firm's Tax & Revenue Group. He provides specialist tax advice to public accountants and a wide range of corporate and medium to large family businesses as well as high net worth taxpayers. Peter has had a significant involvement with trust structures throughout his career and is the author on topical tax issues in CCH Tax Week and Taxation in Australia. Peter has a Master's degree in Taxation Law and is a member of The Tax Institute's State Council. - Current at 19 June 2012
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This was presented at Trust Busting (Including Bamford) .

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Author(s):  Marc ROMALDI

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