The High Court of Australia will be hearing an appeal in 2010 which may answer a number of key questions regarding the taxation of family trusts. Tax specialist Michael Jones, of Cummings Flavel McCormack says this may clarify the different definitions of trust income and how that income is apportioned between beneficiaries. He underlines the importance for business owners and their accountants of understanding how their trust deeds define income and of drafting resolutions carefully, with a clear knowledge of the tax implications involved.
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The High Court of Australia will be hearing an appeal in 2010 which may answer a number of key questions regarding the taxation of family trusts. Tax specialist Michael Jones, of Cummings Flavel McCormack says this may clarify the different definitions of trust income and how that income is apportioned between beneficiaries. He underlines the importance for business owners and their accountants of understanding how their trust deeds define income and of drafting resolutions carefully, with a clear knowledge of the tax implications involved.