P. 07 5536 2111 | F. 07 5536 3933
sullivan rees logo
E.

Our people

Scott O’Neill,  BBus CPA CTA– Director

Scott has been in public practice on the Gold Coast for more than 20 years. This has equipped Scott with a broad knowledge base and the ability to work through various issues whether they are complex Capital Gains Tax issues, GST or Income Tax. Scott has a strong technical background and specialises in taxation, business accounting services and superannuation (Self-Managed Superannuation Funds).

James Sullivan,  BCom CPA – Director
Prior to joining the firm in 1996, James worked with a CA firm in Brisbane for 5 years and spent two years as a financial controller at a quarrying and earthmoving company.  He specialises in Taxation (Income Tax, CGT and GST) with a focus on construction, property development and civil contracting.

Michael Lucas, BBus CPA – Consultant
Michael joined Sullivan Rees in 1983, after two years of experience in Audit in Sydney. He became a Director in 1996, and currently specialises in Superannuation and Taxation – Income Tax, CGT and GST.

Joanne Baker – Office Manager/Corporate Secretarial
Joanne has been with the firm for many years and is responsible for running the office, attending to corporate secretarial activities and enjoys managing client accounts.

Louise Turner, BBus CPA – Senior Accountant
Louise joined Sullivan Rees in 2010 and enjoys assisting clients with their day-to-day accounting, preparing financial statements, income tax returns and activity statements. Louise specialises in business accounting services and taxation services.

Kristy Sankey – Senior Accountant
Kristy has more than twenty years of experience in accounting and finance and enjoys assisting clients with their day-to-day accounting, preparing financial statements, income tax returns and activity statements. Kristy specialises in business accounting services, primary production and taxation services.

Katrina Belcher – SMSF Administrator
Katrina has over 20 years of experience in accounts and manages the administration and processing of Self-Managed Superannuation Funds.

Beccy Butler, BBus CA – Senior Accountant
Becci has worked in various areas of public practice for the last 15 years and particularly enjoys providing business services and assisting people with better taxation outcomes.

Maddy Savage – Reception/Administration
Maddy enjoys assisting clients on a day-to-day basis to find the best outcomes and to coordinate their accounting and taxation needs.

Grace Taylor – Reception/Administration
Grace enjoys assisting clients in coordinating their accounting needs and assisting clients on a day-to-day basis to find the best outcomes.

Accounting
services

In the constantly changing business environment, you can rely on our business services team to be expert, up-to-date and ready at hand to assist you with your business matters...

Business
services

Thinking strategically about future changes in the marketplace can be the key to running a sustainable business...

company
secretarial

Communication and effective administration are essential elements of a successful organisation. Regardless of the size of your business, we are ready to support you...

finance
services

We can help you to secure the essential finance for you and your business....

managing your wealth

We can help ensure that your personal wealth is managed as tax-efficiently as possible. ...

tax services

We regularly deal with a broad range of personal and corporate taxation issues and make a point of understanding the individual needs of every client. Whether you need advice on company tax, personal tax effectiveness or indirect taxation....

Self Managed Super Funds SMSFs

In addition to our normal services, we have a developed specialist knowledge and expertise in Self-Managed Superannuation Funds....

firm news

Trust Tax Return Compliance: A Guide

Posted on May 6, 2024 by admin

Managing a trust comes with its share of responsibilities, especially regarding tax compliance.

To assist trustees and administrators, the ATO has provided a checklist that can be used to streamline the tax process. This is a crucial tool for ensuring that the trust’s affairs are managed efficiently and effectively in accordance with tax regulations.

Let’s delve deeper into what the Resolutions Checklist entails:

  1. Distribution Resolutions: One of the primary tasks is to determine how income will be distributed among beneficiaries for the financial year. This resolution must be documented and finalised before 30 June to optimise tax outcomes for the trust and its beneficiaries. Trustees must consider each beneficiary’s tax position and financial circumstances when making distribution decisions.
  2. Trustee Resolutions: Trustee decisions throughout the year, such as acquisitions or disposals of trust assets, loan agreements, or changes to the trust deed, need to be documented and ratified through resolutions. These resolutions serve as formal acknowledgments of the decisions made by the trustees and provide a clear record of the trust’s activities.
  3. Trust Income Allocation: Trust income comprises various components, including assessable income, exempt income, and deductions. Trustees must accurately determine and record each component to ensure compliance with tax laws. Proper recording and reporting of income and expenses are essential for tax purposes and may impact the tax liabilities of both the trust and its beneficiaries.
  4. Capital Gains Tax (CGT) Considerations: Trustees must review any CGT events during the year and determine the distribution of capital gains or losses among beneficiaries. CGT decisions can significantly affect the tax outcomes for both the trust and its beneficiaries, making careful consideration and documentation are essential.
  5. Streaming Resolutions: Some trust deeds allow for income streaming, which involves allocating specific types of income to beneficiaries based on their individual tax preferences or circumstances. Trustees need to make resolutions to implement income streaming effectively, considering the trust deed provisions and tax implications.
  6. Minutes and Records: All trustee resolutions and decisions must be documented in writing, including minutes of meetings and any supporting documentation. Proper record-keeping is crucial for demonstrating compliance with tax regulations and providing an audit trail of the trust’s activities.
  7. Trust Deed Review and Update: Regular review and, if necessary, updating of the trust deed are essential to ensure that it remains compliant with current laws and regulations. Trust deeds should accurately reflect the intentions of the trustees and beneficiaries and provide a solid legal foundation for the trust’s operations.

Trustees can streamline the tax compliance process and minimise the risk of errors or oversights.

However, seeking professional advice is essential if you’re unsure about any aspect of trust management or tax obligations. With proper planning, documentation, and compliance, trustees can ensure that their trusts operate smoothly and remain compliant with tax laws.

Why not start a conversation with us today to find out how we could assist you with your trust documentation?

sullivan rees