This paper considers the practical implications of the Division 6 rewrite so far as it has emerged for accountants and tax agents in advising their trustee clients for the 2013 and 2014 income years. This paper covers what you need to do and know prior to 30 June regarding trust distributions, including:
- practical implications of completing labels 64A and 65W on the trust tax returns, including putting together examples based on variations of trustee resolutions, trust income, net income and the Commissioner’s views as expressed in TR 2012/D1 – how to approach this
- discussing what the ATO is after regarding disclosure items what is the risk
- consideration of the trust resolution wording when streaming dividends or capital.