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Trust distributions in practice


Practitioners have become aware of what the law and the ATO require in order to comply with the trust streaming legislation, which was introduced in June 2011. Nevertheless, practitioners may well feel daunted by the magnitude of the task of completing trustee distribution resolutions for all of their clients by 30 June. In this article, the author argues that it is essential to have a planned, methodical approach to this task. To that end, the author proposes a method whereby practitioners will be able to plan to realistically achieve this outcome for their trustee clients by 30 June 2013.

The article describes the method in detail, with appropriate spreadsheets and trust deed summaries, the determination of distributable income, the classification of trust deeds and other trust deed issues, the information required to draft a trustee distribution resolution, the calculations required by the streaming legislation, and the trust deed amendments. A checklist for, and examples of, trustee distribution resolutions are provided.

Author profile:

Graeme White CTA
Graeme is a Director of WGC Business Advisors Pty Ltd, a chartered accountancy firm specialising in taxation and strategic advice to SMEs and high net worth individuals. Graeme has over 35 years of experience in providing accounting, business advisory and taxation services, with a specialised understanding of, and ability to address, the fundamental issues relating to clients' business, succession and estate plans. Current at 29 July 2016 Click here to expand/collapse more articles by Graeme WHITE.
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