From the 2011-12 income tax year,
all trustees who make beneficiaries entitled to trust income by way of a
resolution must do so by 30 June 2012. The ATO previously provided an extension to make resolutions by 31 August however the extension was withdrawn as a result of a Federal Court decision. If you have relied on this practice previously,
you will no longer be able to do so. What do you need to do? The issue is more complex than it appears and I will be contacting clients with Trusts to provide a solution. If you are unsure if this applies to you, please contact Alan Beck on 0419 671 602 or via the website at www.basman.com.au |
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