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Trust distributions - The questions accountants are asking


This article examines the four broad types of distributable income mechanisms commonly found within deeds; explains how to identify and classify the distributable income mechanisms within a deed and profiles circumstances in which each mechanism is suitable or unsuitable; observes that an accountant must learn to use a deed by having a thorough understanding of the deed's distributable income mechanisms, the characteristics of trust receipts and the client before advising the trustee to have a deed amended; and concludes that a need to stream franked dividends and or capital gains may generate the need to amend the deed.

Author profile

Christopher Wallis CTA
Chris commenced practice as a Barrister in 1991 and 27 years later has a strong no nonsense reputation throughout Australia in the fields of equity and revenue law. Chris’ focus is on keeping clients out of the AAT and Court using attention to detail and negotiation to secure certainty for clients at the earliest opportunity, a focus which has involved him in numerous in-house facilitation sessions. Chris is a regularly published author and a member of the Editorial Board of the Australian Tax Law Bulletin and also of the Australasian Tax Teachers Association (ATTA). Chris presents regularly throughout Australia for the professional bodies and ATTA and has completed studies in international tax at the Institute for Austrian and International Tax Law at Wirtschafts Universitat in Vienna and the IBFD in Amsterdam. Two of Chris' recently published articles have addressed issues arising under the ATO's in-house facilitation process. Subsequent changes to the process reflected observations in the articles. - Current at 08 October 2019
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