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Trust distributions: The practical issues paper

Published on 04 Aug 09 by SOUTH AUSTRALIAN DIVISION, THE TAX INSTITUTE

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 Slegers, LLB (Hons), MTax, CTA Partner Cowell Clarke Peter heads Cowell Clarke's tax and revenue practice group. Peter advises and acts for a wide range of public and private companies as well as for the trustees of self managed superannuation funds. Peter’s areas of expertise include: income tax (as it impacts on business and high net worth clients); capital gains tax; goods and services tax; state taxes and superannuation law. Peter also does succession planning work and is involved in significant business restructures. Peter is regularly involved in advising SMSF trustees on issues associated with superannuation income streams. Peter has a master’s degree in taxation from the University of NSW – ATAX School. Peter is also a member of the Australian Institute of Company Directors and the SMSF Professionals Association of Australia Ltd. Peter is a member of the Tax Institute’s South Australian State Council. - Current at 19 July 2017
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This was presented at Trust Busting (Including Bamford) .

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Individual sessions

Can’t Clone – what now? Succession planning for trusts

Author(s):  Marc ROMALDI

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