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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 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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This was presented at Trust Busting (Including Bamford) .

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

Author(s):  Marc ROMALDI

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