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Trusts...What can you do and what you need to do before 30 June? paper

Published on 27 Jun 13 by NEW SOUTH WALES DIVISION, THE TAX INSTITUTE

This paper considers the practical implications of the Division 6 rewrite so far as it has emerged for accountants and tax agents in advising their trustee clients for the 2013 and 2014 income years. This paper covers what you need to do and know prior to 30 June regarding trust distributions, including:

  • practical implications of completing labels 64A and 65W on the trust tax returns, including putting together examples based on variations of trustee resolutions, trust income, net income and the Commissioner’s views as expressed in TR 2012/D1 – how to approach this
  • discussing what the ATO is after regarding disclosure items what is the risk
  • consideration of the trust resolution wording when streaming dividends or capital.

Author profile:

Gordon S COOPER
Gordon is a chartered accountant in sole practice as a tax consultant. He has a particular emphasis on capital gains tax and is the editor of Cooper’s Capital Gains Tax Guide, which is a loose-leaf service published by Australian Tax Practice and the author of Cooper’s TLIP Capital Gains Tax. He advises on the taxation of international transactions and corporate matters as well as tax matters generally. He is a former President of the Taxation Institute of Australia and is President of the Committee of the Australian Branch of the International Fiscal Association. He is a Visiting Professorial Fellow at the Australian School of Taxation in the Law Department of the University of New South Wales.
Current at 17 October 2008 Current at 11 May 2009 Click here to expand/collapse more articles by Gordon S COOPER.
 

 

This was presented at NSW 6th Annual Tax Forum .

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