EFFECIVE, EFFICIENT ADVICE ON YOUR TRUST DEED SITUATION
Recent alterations to legislation by the Commonwealth Government as a result of a High Court decision has had a significant impact on trust deeds. While the legislative amendments allow for the process of streaming, for it to be effective streaming must be permitted by the trust deed itself.
If the trust deed does not contain a provision allowing for the Trustee to distribute income, then an amendment to the trust deed will be required. The amendments came into force on 29 June 2011, thereby applying to tax liabilities incurred in the 2010/2011 financial year.
The Australian Taxation Office has flagged that if a trustee wishes to take advantage of streaming of trust income for the 2010/2011 financial year, and the trust deed requires an amendment as described above, such an amendment must be made before 31 August 2011. That date is the limit at which income distributions can be made in order to be considered for the 2010/2011 financial year.
We are happy to assist with the amendment of trust deeds to give effect to the recent changes in the law. If you would like your discretionary trust deed checked and, if necessary, amended, please contact us.
Williams Love & Nicol offer a comprehensive review, advice and variation package to assist in amending trust deeds in response to the recent legislative changes. We also offer assistance in the establishment and variation of superannuation funds, establishing custodian trusts, and bulk review of trust deeds.
AREAS OF EXPERTISE:
- Trust deed amendments
- Review, advice and variation of trust deeds
- Income tax and general review
- Bulk review, advice and variation of trust deeds
- Superannuation fund establishment
- Superannuation fund deed variation (comprehensive deed of variation, trustee resolution/minutes, product disclosure statement)
- Establishing the security trust (deed of declaration of trust and accompanying minutes of meeting), preparation of statutory declaration and lodging the declaration of trust with the State Revenue Office in respect to a borrowing of a superannuation fund to acquire a property
ACHIEVEMENTS AND INFORMATION
Changes to Taxation Law Governing Trust Deeds. Read more…
CONTACT
David Toole | T: 02 6263 9900 | E: david.toole@wln.com.au