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The 30 June deadline for effective trust distribution minutes presentation


The effect of both the Trust Streaming legislation and the ATO's withdrawal of IT 328 and 329 has meant that trust distributions need to be effected by no later than 30 June 2012 to prevent any risk of an adverse tax assessment.

Coupled with these developments,the ATO has recently released Draft Ruling TR 2012/D1 setting out its detailed views on the meaning of "income of a trust estate". This ruling will significantly impact how trust distributions are prepared for the current and future financial years.

This presentation provides practical insights into the difficult issues confronted by tax professionals in this area. It works through a range of case studies and sample distribution minutes.

Specific topics include:

  • Preparing your practice for the 30 June deadline - what can be done?
  • Effectively dealing with differences between tax net income and trust income
  • Franked distributions and assessable capital gains: the practical issues
  • The interface between the Trust Streaming measures and Small Business CGT concessions
  • Capital distributions - when necessary?
  • Drafting minutes based on a quantum approach and modified proportionate approach
  • Income streaming and recording the character of the receipt.

Author profiles

Neil Oakes CTA
Neil Oakes is a Tax Director at Perks Chartered Accountants and holds a Masters Degree in Tax Law from UNSW (Atax). Neil currently heads up the Technical Tax Consulting division within Perks. He specialises in providing commercially focused tax advice to a wide range of small, medium and large businesses. Neil’s areas of specialisation include Division 7A, corporate restructuring and small business CGT concessions. - Current at 17 August 2016
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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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Individual sessions

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