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The 30 June deadline for effective trust distribution minutes presentation

Member Price: Free
Non Member Price: $15.00

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Published on 17 May 12 by SOUTH AUSTRALIAN DIVISION, THE TAX INSTITUTE

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

Peter Slegers CTA
Photo of author, Peter SLEGERS Peter Slegers, CTA, heads Cowell Clarke’s Tax & Revenue, Superannuation and Private Client practice groups. Peter advises and acts for a wide range of public and private companies and high net worth individuals and families. 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, trust law and superannuation law. Peter has published numerous papers on trust structures and has considerable experience in this area. Peter is also a co-author of the Tax Institute’s SMSF Income Stream Guide and Cowell Clarke’s Australian Agribusiness Advisers’ Guide. - Current at 16 April 2024
Click here to expand/collapse more articles by Peter SLEGERS.
Neil Oakes CTA
Neil 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 clients. - Current at 22 December 2021
Click here to expand/collapse more articles by Neil OAKES.

 

Individual sessions

The 30 June deadline for effective trust distribution minutes

Author(s):  Peter SLEGERS

Materials from this session:

Further details about this event:

 

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