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Are you using our most up to date resolution?

The Australian Taxation Office recently released a guide on matters to consider when reviewing trust deeds and making Trustee Resolutions, to ensure they are complying with the all the necessary requirements.

On 14 June we made some key adjustments to our Trust Distribution Resolutions module. We have added a new Step 1 that is a direct link to the ATO guide. Now included in Step 5: Review the Trust Deed are 5 Tips for Trustees that will assist you in reviewing your clients trust deeds.

The key update though, was made to the Trust Distribution Resolution with the clause or resolution entitled ‘Variation of Income’ being removed, as the ATO no longer see this particular resolution as being a valid resolution.

PLEASE NOTE, the removal of this clause or resolution does NOT invalidate any signed Trust Distribution Resolutions that have been prepared to date, as all other resolutions presented in the document are still considered valid resolutions being made by your clients. Just make sure that any new ones prepared don’t include the Variation of Income resolution.

Just a reminder that when ChangeGPS HQ makes an update to content the changes will be updated in your intranet automatically, unless you have customised the affected document. Customised content will require you to manually review the update before allowing the new version to replace the old. So if your resolution is still showing the Variation of Income resolution, then you will need to do a manual update. Please view this short video on how to access, view and apply content updates.

If you have any questions or concerns, please contact our Systems & Content Manager, Mikala Batty via email to mikalabatty@changegps.com.au