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Trust distributions - The questions accountants are asking

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Published on 01 Jul 11 by "TAXATION IN AUSTRALIA" JOURNAL ARTICLE

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
Chris Wallis, CTA, Barrister and Accredited Mediator has over 35 years in practice. Chris’ has earned reputation for achieving satisfactory outcomes for clients in long and difficult disputes with revenue authorities by doing the “hard yards” and without having his clients enter the witness box. Day to day Chris’ work involves working with practitioners to fend off the TPB; SMSF members/directors to fend off the Regulator; and family lawyers and accountants in a relationship breakdown to trace assets and identify tax exposures. Chris provides easily read and comprehensive advice in relation to trusts or real property and is a regularly published author. Over 35 years Chris has delivered more than 150 presentations around Australia for the various professional bodies, the Australasian Tax Teachers Association, the Television Education Network, the Tax Bar Association, and the late Gordon Cooper’s Problems in Practice. - Current at 23 July 2024
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