Many people ask me if the MGS Deed is Bamford compliant. Have a look at the table on page 2 and compare the crucially needed clause in the Bamford Trust to the one in the MGS Deeds. I think if the Bamford Trust gets the High Court approval for the ability due to clause 7(n) to include capital gains as "income of the trust estate" then I'm happy the MGS Deed will get there.
Thanks Chris.
I've read your attached document and checked my trust deed.
I've got a 2005 MGS trust deed which has the exact same Clause #9 in it, and I haven't had any capital gains or franked dividends so I think I'm ok here, and will wait till your full amendment package comes through...
If the attached doesn't answer your questions of what to do before 30 June let me know as I am preparing a "Accountants and Trustees Guide - Do I have to worry or do anything before 30 June 2011?".
Chris
For completeness though, if you can post this up too that would be great, as I'm sure many of us here might have changed accountants since getting their HDTs initially setup, and their new accountants might be oblivious to all of this...
More so for those of us who have had a capital gain or franked dividend too...