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Written by John Gaal of TaxCounsel

2nd edition available now

Written by John Gaal of TaxCounsel, author of our popular Division 7A Handbook, CGT Small Business Reliefs  and the Tax Agents Manual, and a regular contributor to Taxation in Australia journal.

The 2011 edition is available as a 12-month online subscription or as a print book. This edition has been revised to reflect the recently enacted "streaming", anti-avoidance and primary producer trust amendments that were enacted by the Tax Laws Amendment (2005 Measures No. 5) Act 2011 which became law on 29 June 2011.

An essential resource for trust practitioners - subscribe now to understand the ramifications of distributions by discretionary trusts. Resolutions for 2010-11 are affected by the legislative changes which have ongoing obligations in some circumstances.

It is beyond question that the way income tax and CGT impact on distributions by discretionary trusts is becoming increasingly complex and that complexity is likely to grow with changes to the law which are likely to flow from the government's trust consultation process.

Key topics dealt within this publication

• an overview of recent developments;
• the way Div 6 and CGT operate in relation to a resident discretionary trust;
• the special considerations that apply to particular kinds of discretionary trust, for example, testamentary trusts;
• the concept of "the income" of a trust;
• the proportionate approach to the operation of Div 6;
• the "streaming" of capital gains and franked distributions;
• particular issues for categories of beneficiaries, for example, companies (including unpaid present entitlement issues), exempt entities and minors;
• practical guidance on the drafting of distribution resolutions;
• links to cases and ATO material;
• regular updates and email alerts; and
• checklists.

Prefer the online subscription?

This service offers you an up-to-date online version of the publication and will continue to be updated to incorporate ongoing developments as they unfold. As a subscriber, you will receive electronic alerts notifying you of the changes and ongoing coverage of the general review of Div 6 that is being undertaken. The benefit of an online subscription is that it will continually be updated throughout your subscription year.

The online subscription also includes access to the relevant provisions of the Income Tax Assessment Act 1936 and the Income Tax Assessment Act 1997, consolidated for the June 2011 amendments. The consolidation has been prepared in such a way that subscribers can identify the changes that have been made.

Need the convenience of hard copy as well as online?

Buy both and receive a 25% discount off the total price.