As trustees prepare for year-end distributions, they should do the following:

• review the relevant trust deed to ensure they are making decisions consistent with the terms of the deed;
• consider who the intended beneficiaries are and their entitlement to income and capital under the trust deed;
• notify beneficiaries of their entitlements, so that the beneficiaries can correctly report distributions in their tax returns;
• consider whether the trust has any capital gains or franked distributions they would like to stream to beneficiaries; and
• check any requirements under the trust deed governing the making of trustee resolutions (e.g., that the resolution must be in writing). In any case, resolutions regarding distributions must be made by the end of the income year.

If you need any help with your trusts, please don't hesitate to get in touch with us for assistance.

Need Help with your Business, Bookkeeping, Tax or SMSF requirements?

If you would like a little help, please get in touch with us for assistance. We can help with your business, bookkeeping, tax and SMSF requirements.

Please also note that many of the comments in this publication are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstances. Should you have any further questions, please get in touch with us for assistance with your SMSF, business, bookkeeping and tax requirements. All rights reserved. Brought to you by RGA Business and Tax Accountants. Liability Limited by a scheme approved under Professional Standards Legislation.