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 need to be made by the end of the income year.

Editor: If you need any assistance in relation to your trusts, please contact our office.

If you have any questions or would like to speak to one of our professional business and tax advisors, please contact our office on (08) 9392 7600 to make a booking or click here.

With three offices across Western Australia and over 20 years of experience, Acclaim Accounting is a dynamic team of highly trained and skilled individuals committed to providing innovative and effective advice, excellent service and maintaining only the highest standards in ethical professional practice

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