Trustee Resolution Preparation
Get your resolutions right, every time.
Trustee resolution preparation can range from simple and straightforward to complex cases. At Hatcher, we take the guesswork out, so you get the results you want while complying with the legislation, the terms of the trust deed and the ATO’s requirements.
Preparing your resolution
We can help you prepare your trustee resolution, taking your complete circumstances into account.
Plan ahead
We’ll assist you in making sure that your resolution is fully prepared by June 30 and take you through all the necessary steps to get there.
Understanding the process
We’ll help you manage your default beneficiaries and master the basics of estate planning.
Hatcher can help you with
Change or remove trustee
For corporations or individuals
Add or remove beneficiaries
Adding or removing trust beneficiaries
Taking the hassle out of corporate documentation
Managing your business’ corporate file can be a very time consuming administrative process. Our experts are skilled in this area and ensure you’re always compliant with changing legislation.
How to make a resolution
Trustee resolutions are made by following the process outlined in the trust deed. While it will vary based on on the terms of the deed, it will generally cover the below areas:
Trust deed:
The trustee should have the official trust deed (and any previous versions) and refer to it when making a resolution.
Beneficiaries:
The trustee should refer to the trust deed to see who it defines as beneficiaries of the trust and should determine the individuals or entities to which the trustee wants to make distributions of trust income are beneficiaries of the trust.
Income of the trust:
The trustee should consider how the trust deed defines income and should determine that what is sought to be distributed is ‘income of the trust’ as defined.
Distribution of income:
The trustee should consider and resolve to distribute the income of the trust to the beneficiaries in the manner and proportions desired.
Payments of distributions:
The trustee should consider and resolve how the distributions of income will be paid, applied or set aside to or for the beneficiary.
FAQs
- A trustee resolution is a decision made by the trustee in accordance with what has been outlined under the trust deed. A minute is a trustee’s resolution in writing that creates a record of the resolution.
- Usually, they are prepared by the Accountant or Lawyer of the Trustee.
- This will all depend on the terms of your trust deed. If your deed does not require a resolution to be in writing, a verbal agreement would be valid at the time and effective for tax purposes.
- The Australian Tax Office will accept official minutes drawn up later only if there is evidence of actions undertaken before the 30th June. Evidence may include a diary entry, meeting minutes, an exchange in correspondence or a memo waiting to be approved.
Disclaimer: Hatcher Advisory and its subsidiaries, together with its owners, managers and employees have endeavoured to ensure the information on this website is accurate. However, you must undertake your own research and seek advice from your financial advisor, broker or accountant to ascertain its application to your specific circumstances. We do not take responsibility for any outcomes based on this material.