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Trust Amendments

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  Bamford Trust Amendments

  Topdocs Bamford Trust Updates


Amending a Unit, Discretionary or Hybrid Trust Deed in an inappropriate manner can have serious implications for the Trust.  If you are looking at amending your Trust Deed for any reason, you should seek the experience of an expert in this field to prepare this documentation for you. Topdocs works with in-house lawyers Topdocs Legal Pty Ltd and other legal practices for the following Deed Amendment Services.

Topdocs Deed Amendment Services

Topdocs offers our clients the following Trust Amendment Services:

  • Tailored Trust Deed amendments to cater for updated income streaming provisions (also known as Bamford amendments because of the recent FCT v Bamford & Ors, Bamford & Anor v FCT [2010] HCA 10 (Bamford) High Court case);
  • Trustee and Appointor changes;
  • Unit transfers, allotments and sales.

Income Streaming Amendments

  • Ensure the trust deed has a definition of trust income that allows the inclusion of capital gains and also ensure the trustee has the discretion to adopt a different concept of income to provide maximum flexibility.
  • Ensure the income definition excludes “notional amounts” such as franking credits as it is not possible for a beneficiary to be presently entitled to these notional amounts. This is an issue highlighted by the Commissioner in the DIS.
  • Insert provisions to give the trustee a discretion to apply outgoings against income or capital and make distributions out of gross income (which may allow distributions out of gross income to preserve franking credits etc).
  • Remove any requirements that the trustee must resolve to distribute income or determine what concept of income applies by 30 June in any year. The Commissioner has indicated that, where the deed stipulates that income distributions must be made by 30 June, he will insist on strict compliance.

For more information, or for enquiries relating to Trust Deed amendments, please contact a Topdocs consultant on 1300 659 242 or email orders@topdocs.com.au