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ARTICLE · 01 JULY 2016

A tax lawyer's checklist: Part two: Trusts

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Make sure you are aware of your tax planning opportunities and responsibilities before the end of this financial year.

AustraliaTax
Murray Thornhill
Murray Thornhill
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Presenting part two of a three part checklist from HHG Legal Group's Tax Law Team.

Make sure you are aware of not only your tax planning opportunities but also your responsibilities before the end of this financial year

Trusts

Trust distributions and resolutions

The trustees of any discretionary trust distributing income in the 2016 financial year must ensure that the trustee determination or resolution (determining which beneficiaries will receive income and capital distributions) are made on or before 30 June 2016. Although the ATO acknowledges that the record of the trustee's determination can be prepared at a later date, we recommend that these records (typically trustee's minutes) be prepared on or before 30 June 2016. The trustee's determination must also be made in accordance with the terms of the trust deed.

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