Trusts - All you need to know: Updated! - Notes Only - June 2012

Trustees and their tax advisers have every reason to be alarmed! The tax landscape relating to trusts is constantly changing and therefore trustees and their advisors must be aware of the latest developments. Our updated paper on the taxation of trusts and beneficiaries highlights:

Trustee Resolutions

• The statement from the Tax Office that distribution resolutions must be prepared by 30 June in order to comply with the tax law,
• How trustees might satisfy this requirement,
• Sample trustee distribution resolutions, and
• The "education campaign" conducted by the Tax Office which will involve requesting copies of 2012 year distribution resolutions in July/August 2012.

Streaming Distributions
Obtain access to examples of how the streaming rules apply in both simple and complex circumstances and to sample streaming resolutions.

Income of the Trust Estate
In draft tax ruling TR 2012/D1 the Commissioner of Taxation has provided his interpretation of the term "income of the trust estate" - find out why the term is important to all trustees seeking to distribute income and the implications of the Commissioner's controversial approach. The Commissioner states that the ruling has retrospective application - what are the implications?

Other key issues include:

• The implications of a distribution to a corporate beneficiary?
• Existing unpaid present entitlements
• Division 7A and trusts
• What should be on a distribution check list?
• The TFN reporting rules

To take an in-depth look at the content covered in the notes, click here.