Since the ATO Ruling, TR 2012/D1, we have lived in the Dystopian world of Area 56 – Income of the Trust Estate and Area 57 – Statement of Distribution. Income is notional, deductions quarantined, tax attributes disembodied and trustees re-educated by Practical Compliance Guidelines and Alerts.
This session discusses the distribution dystopia and compliant and rebellious procedures and distribution resolutions including:
- Complex, Boolean and tax adjusted resolutions for notional income, corpus and tax benefits streaming
- Distributions of assets made in specie; and
- Distributions attributable to asset revaluation reserves.