The Institute of Public Accountants Australian Trusts Tax Handbook 2016-17 is a practical guide to the rules relating to the taxation of trusts to assist accountants and tax practitioners when dealing with this common but complex topic. The Handbook outlines the relevant trust law concepts ? particularly the importance of the trust deed ? that play a key role when determining the tax position of the trustee and beneficiaries.
Current to 30 June 2016, The Institute of Public Accountants Australian Trusts Tax Handbook 2016-17 is streamlined to meet the needs of practitioners and advisers and brings together all the key trust tax provisions and concepts into the one publication with easy access to a number of trust deed clauses and plain English explanations, supported by numerous examples, tips, and warnings. There are also definitional tables and step-by-step guides to calculating the income and net income of a trust, streaming capital gains and franked distributions, making effective trust distributions and drafting distribution minutes.
What's New New chapter on tax relief for trusts that are small business entities, which includes commentary on the small business restructure rollover for discretionary trusts and other small business entities, which takes effect on 1 July 2016; New chapter on the state and territory taxes affecting trusts; Expanded commentary on CGT rollovers and the unearned income of children; Update commentary for: Changes to the farm management deposit scheme, which apply from 1 July 2016; New rulings and cases on the dividend rules in Div 7A, as well as the Budget proposal to improve Div 7A (flagged to commence on 1 July 2018); and A High Court decision that a trustee's obligation to retain money to pay tax arises after the tax assessment has been made. The Institute of Public Accountants Australian Trusts Tax Handbook 2016-17 also includes detailed commentary on small business CGT relief, the impact of Division 7A on trusts (particularly in relation to unpaid present entitlements) and the application of the anti-avoidance rules to trust arrangements.
