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  2009

A Deed, a Deed, my Kingdom for a Deed

Source: Western Australia

Published Date: 30 Sep 2009

 
Trust Deeds are again in the spotlight with Bamford and Cajkusic cases potentially redefining how we treat income and distributions for Trusts; you can lose your kingdom if you get the Deed wrong!

The Full Federal Court in Bamford has confirmed the Deed is the ultimate decider in respect to Trust Distributions and that the Proportional view prevails but what do we need to do with minutes and resolutions to be certain of the intended outcomes? This event considered questions such as:

  • do my trust minutes now need to be changed?
  • does the Trust Deed need to be amended, again?
  • should I be recording Capital Gains and Franking Credits on revenue account?
Review your files, how will the ATO treat income and distributions if a major deduction is denied? Does each beneficiary receive more income? Is the additional income allocated to a "balance' beneficiary? Do the unseen default beneficiaries end up with a surprise? Can a client end up with a major tax liability and yet not be entitled to any funds from the Trust?

This event was aimed at anyone involved in drafting trust deeds, advising on trust structures and their taxation consequences and those responsible for preparing trust distribution minutes and tax returns.

Bamford's case and beyond

Author(s): Syd Jenkins
Materials from this session:

Details

  • Published On:30 Sep 2009
  • Took place at:Perth Concert Hall

The material is copyright. Apart any fair dealing for the purpose of private study,

research critisism or review, as permitted under the copyright Act, no part may be rerpoduced by any process without written permission from The Tax Institute.

Unless expressly stated, opinions are not that of The Tax Institute, which accepts no responsibility for the accuracy of any of the information contained within it.

This material is copyright. Apart from any fair dealing for the purpose of private study., research, critisism or review, as permitted under teh copyright Act, no part may be reproduced by any process without written permission from The Tax Institute.

Unless expressly stated, opininons are not that of The Tax Institute, which accepts no responsibility for the accuracy of any of the information contained within it.

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