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Many modern Family Trusts fail streaming

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Uploaded by on Nov 15, 2008

QUESTION: The ATO has just audited a Family Trust deed that was amended last year by another law firm - (we didn't get Brett Davies Lawyers to do the update). The ATO have come back and said that the trust was not eligible for streaming pursuant to its 1992 ruling. This is when for example, Capital Gains on the sale of shares goes to one beneficiary and the other beneficiary gets income. I have gone through the amending deed and it seems to deal with streaming. What is the wording our old lawyer should have used?

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