Say you have trusts that only hold investment property.
1. Does the money need to physically be distributed to the (Discretionary Trust) beneficiary's bank account or (Unit Trust) unit holder's bank account? Can it still stay in the trust bank account but only distributed on paper on the trust tax returns?
2. In a trust deed, it says the main beneficiaries which are named, then includes all other family members as "beneficiaries" as a definition of a "beneficiary". One of them being your grandparents. Are there any issues if your grandparents always living overseas? Does it need to physically be distrubuted or only in the trust tax returns? I presume tax would only be liable for them overseas, not in Australia?
3.(a) Minute meetings/resolutions - what's the difference between them?
(b) Exactly what needs to be recorded in the Minutes, is it every little thing? Please give examples.
(c) What about corporate trustee? Does minute meetings need to be done & exactly what needs to be recorded?
(d) Does just one person need to be nominated as a Chairperson & sign the minute meeting, or all the trustees?
4. Family Trust Election - I don't really understand this. Apparently this is something you can do only with Discretionary Trusts? I think this has something to do with quarantine of trust losses.
1. Does the money need to physically be distributed to the (Discretionary Trust) beneficiary's bank account or (Unit Trust) unit holder's bank account? Can it still stay in the trust bank account but only distributed on paper on the trust tax returns?
2. In a trust deed, it says the main beneficiaries which are named, then includes all other family members as "beneficiaries" as a definition of a "beneficiary". One of them being your grandparents. Are there any issues if your grandparents always living overseas? Does it need to physically be distrubuted or only in the trust tax returns? I presume tax would only be liable for them overseas, not in Australia?
3.(a) Minute meetings/resolutions - what's the difference between them?
(b) Exactly what needs to be recorded in the Minutes, is it every little thing? Please give examples.
(c) What about corporate trustee? Does minute meetings need to be done & exactly what needs to be recorded?
(d) Does just one person need to be nominated as a Chairperson & sign the minute meeting, or all the trustees?
4. Family Trust Election - I don't really understand this. Apparently this is something you can do only with Discretionary Trusts? I think this has something to do with quarantine of trust losses.