Legal Tip 13: Do your trust resolutions before 1 July

Discussion in 'Legal Issues' started by Terry_w, 30th Jun, 2015.

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  1. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    This is a last min reminder that if trustees do not resolve to distribute income of a discretionary trust before 1 July then the trustee could be taxed on the income of the trust at the top marginal rate.

    Just an hour to go.
     
    Terry_w, 30th Jun, 2015
    #1
  2. D.T.

    D.T. Specialist Property Manager Business Member

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    Or back date the document?
     
    D.T., 1st Jul, 2015
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  3. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Not a good idea to commit a crime if you can avoid it. And if you do not a good idea to publicly expose yourself.
     
    Terry_w, 1st Jul, 2015
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  4. DaveM

    DaveM Well-Known Member

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    Best to avoid that no matter what the time of year
     
    DaveM, 1st Jul, 2015
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  5. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Terry_w, 1st Jun, 2023
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  6. Scott No Mates

    Scott No Mates Well-Known Member

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    Do they have a sense of humour? Releasing New Financial Year resolutions?
     
    Scott No Mates, 1st Jun, 2023
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  7. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    My trustee resolution is 'to loose weight'
     
    Terry_w, 2nd Jun, 2023
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  8. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    I would lose weight before having loose weight. I like your weight avoidance strategy terry. They do sound alike
     
    Paul@PAS, 2nd Jun, 2023
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    craigc and Terry_w like this.