Important Information for Clients with a Discretionary Trust

Decisions Regarding Distribution of Income

If you have a Discretionary Trust, the decisions about the distribution of the income of your Trust must be made and evidenced by 30 June 2019.

Under the terms of most Trust Deeds it is not necessary for formal minutes to be prepared prior to 30 June as these can be prepared and signed at a later date.  It is only necessary for the decision to be made and agreed on. Whilst this can be a verbal decision, we recommend that this is documented – as in all tax matters, the onus of proof is on the taxpayer and not the Tax Office.

We may have already discussed this with you when we were completing your 2018 tax work and you may have recorded your distribution decision.  If not, now is a timely opportunity.

For your convenience we have provided a Trustee Distribution template for you to complete to evidence the distribution decision. Please use the button below to download the document. Please note, the template can be filled in electronically, however please first save a copy of it on your computer before filling it in.

DOWNLOAD YOUR TRUSTEE DISTRIBUTION TEMPLATE

If you would like us to assist you in regards to your distribution decision for 2018/19 year please contact us.

Provision of TFNs for new Beneficiaries

The ATO also now requires us to provide details of the Tax File Number of new beneficiaries for a Trust. For the most part we know this, but if you have any new beneficiaries, such as a child who has turned, or will turn 18 in the 2018/19 year, then please let us know. Please remember for security and privacy reasons however that TFNs should not be sent via email so please contact us via phone to provide this information.

Should you have any questions in relation to these matters, please contact your usual Allan Hall advisor or use the Contact Us button below.

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