Menu

IMPORTANT INFORMATION FOR TRUSTEES OF TRUSTS

*** TRUST RESOLUTIONS MUST BE MADE BY 30TH JUNE 2018***

The Tax Office has advised that trustees must record their intention to distribute the net income of the Trust to its beneficiaries on or before the 30th June 2018. 

No set format is required for the minute and as the exact income is not known by 30th June the resolution can be done either in percentage terms or set dollar amounts or a combination of both.

This minute must show:-

  1. To whom the net income of the trust has been distributed and
  2. In what proportion

If this is not done the ATO will not accept that the trust has made an effective distribution of income and the trustee may be liable for tax on trust income at the rate of 49%.

Please be mindful that any distribution made must be in accordance with the terms of the Trust Deed.  You should have a complete copy of your current trust deed and be familiar with the provisions dealing with distributions of income to beneficiaries.

If your Trust has income from franked dividends and / or capital gains, you are able to "stream" this income to a specific beneficiary (s).  In some cases this may be advantageous for tax purposes.  If you think this is relevant to your circumstances, please contact us to discuss.   If this does not apply to you, you only need to complete names of beneficiaries and amounts or percentages in the last column.

 CLICK HERE>> for Template resolutions

 CLICK HERE>> for Template resolutions EXAMPLE

A copy of the resolution must be included with the documentation you provide to us for the preparation of your trust tax return.

Please contact us if you require assistance in drafting a resolution for your trust/s.

 

What We Do

JSA Accounting is a CPA accounting firm. We take great pride in providing a comprehensive taxation, accounting and financial planning service.

READ MORE

Who We Are

At JSA Accounting we are committed to forming close partnerships with our clients, enabling us to understand your unique situation.

READ MORE

Client Tools

View our handy online tools and resources featuring key dates, tax facts, useful links and online calculators.

READ MORE

Meet The Team

Jill Hoadley
Director – Tax and Business Services
FIND OUT MORE
Jessica Ni
Director
FIND OUT MORE
Robert Julian
Financial Planning & Superannuation
FIND OUT MORE
Nicola McReyolds
Accountant
FIND OUT MORE
Amy Hou
Accountant
FIND OUT MORE
Ian Brock
Accountant
FIND OUT MORE

Latest News | RSS

What our clients say

Contact / Connect