Special offer to Non-MembersPlease call and discuss the $100 (approx) seminar discounts which are available to members of the NTAA for a low annual fee of only $295, which includes a 12 month subscription to the monthly newsletter Voice, 3 FREE 10 minute telephone calls to our tax advisers plus discounts on most NTAA products.

National Tax & Accountants' Association Ltd.29-33 Palmerston CrescentSouth Melbourne, Vic. 3205Tel: (03) 9209 9999Fax: (03) 9686 4744Web: www.ntaa.com.auEmail: ntaainfo@ntaa.com.auABN: 76 057 551 854

Cancellations or TransfersIt's necessary to charge a fee when confirmed bookings (see below) are cancelled. However, a substitute participant will be accepted. If a substitute is not nominated, a cancellation fee of $99 will be applied.CancellationsMore than 5 full working days before the seminar: cancellations incur an $99 administration fee.Within 5 working days of the seminar: no refunds will be available for cancellations,

although a full set of notes will be provided.TransfersMore than 2 full working days before the seminar: a credit for the amount charged may be transferred

to any other NTAA seminar without incurring the $99 administration fee.

Within 2 working days: transfers incur an $99 administration fee.The NTAA reserves the right to cancel or reschedule courses, change speakers or revise content as necessary.

Confirmation of BookingBookings will be confirmed via email, fax or mail – please include your email or fax number for a speedy reply. Please Note: You must ensure that you receive written confirmation of your booking, otherwise you may not be booked into the seminar and may have to provide credit card details at registration. If you do not receive confirmation by fax within 48 hours of faxing your order or 72 hours of mailing it, contact us.

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Vegetarian MealsVegetarian meals are available as an option at no extra cost. If you prefer a vegetarian meal, simply tick the box under the delegate name on the registration form.

Presented byRebecca Morgan & Michael Gilmour

on behalf of the National Tax & Accountants’ Association Ltd.

The PresentersRebecca Morgan Rebecca is a Taxation Specialist with the NTAA and has over 12 years tax experience. Rebecca holds a Bachelor of Arts and Law and a Masters of Taxation. Rebecca has presented a number of the Back to Basics Seminar series and is also a regular presenter on Tax on the Couch.

Before joining the NTAA, Rebecca worked for the Australian Taxation Office as a Manager of Aggressive Tax Planning and also managed a number of general audit projects.

Michael GilmourMichael is a Taxation Specialist with the NTAA and has over ten years experience in tax, having worked in Corporate Tax at two Big 4 firms and the Taxation Consulting division of a 2nd Tier firm. Michael is a Chartered Accountant with a Bachelor of Commerce and a Bachelor of Economics.NTAA seminars are widely acclaimed for their practicality and professional delivery and book out very quickly. To avoid disappointment, register early.

CPD/CPE HoursThe seminar allows for 6.5 CPD/CPE hours per day.

TrustsBasics

Sem

inar

B

ack

to B

asic

s A

n N

TAA

2012

What will be covered on the day?r A Hands-on Guide to Setting Up and

Operating a Trust

r Step-by-step Guide to Preparing the 2012 Trust Tax Return

– STEP 1: Dealing with all major income and expense items

– STEP 2: Completing the ‘Distribution Statement’ – Avoid making costly mistakes

r An Essential Guide to Distributions from a Beneficiary’s Perspective!

And...all this is wrapped up with a comprehensive CASE STUDY, which brings together and highlights the various tax issues associated with trusts!

This seminar is more than just Basics

It is a practical workshop which focuses on UNDERSTANDING the FUNDAMENTALS of Trusts, from the ground-up.

TRUSTS Basics 2012 – An NTAA Back to Basics SeminarA Hands-on Guide to Setting Up and Operating a Trust

Laying the foundations – understanding trusts! We provide you with an essential guide to the fundamentals of trusts, from the ground-up! What’s necessary to set up a trust? – Easy to follow flowchart on what is required to

create a trust A practical guide to choosing the right Trustee – What are the advantages and disadvantages in

using a corporate trustee? Who should be the Settlor and Appointor of a trust? What is the significance of specifying someone as a

beneficiary of a trust? What are the key elements of a trust deed? – Unique NTAA Trust Deed checklist

A ‘hands-on’ guide to the types of trusts available and when they should be used

Comprehensive table identifying the advantages and disadvantages of using popular trust structures

Checklist of factors to consider when choosing the right trust for clients

Common GST issues with setting up a trust: – Who registers for GST, the trust or trustee? – Whose name and ABN goes on tax invoices? – What are the GST registration issues for a

partnership of trusts?

Debits, credits and everything in between for trusts! We unlock the confusion with accounting for trusts – starting with common journal entries being used to prepare the financials!

Date Debit Credit

01-Jun-12 50,000.0045,918.00

50,000.0045,918.00

25-Jun-12 Loan account - John Citize 30,000.00 Cash at bank 30,000.00

Loan to beneficiary

Description

Trust Distribution to John CitizenTrust Distribution to DEF Pty Ltd

Beneficiary entitlement - DEF Pty LtdTrust distribution to beneficiaries re 2012 income year

Beneficiary entitlement - John Citizen

A.B.C. FAMILY TRUSTABN 12 345 678 911

PROFIT AND LOSS STATEMENTFOR THE YEAR ENDED 30 JUNE 2012

2012 2011$ $

INCOME

Gross profit from rental activities 100,000.00 91,000.00Dividends Received 5,200.00 3,600.00Interest Received 1,600.00 1,200.00Trust Distributions Received 950.00 475.00Profit (loss) on sale non-current assets 23,000.00 2,750.00TOTAL INCOME 130,750.00 99,025.00

LESS EXPENDITUREAccounting Fees 6,500.00 5,900.00Bank Charges 1,250.00 1,100.00Building Write-Off 5,000.00 5,000.00Borrowing Costs 300.00 300.00Depreciation 6,970.00 8,135.00Interest Paid 12,800.00 15,300.00Land Tax 1,800.00 1,450.00Permits, Licences and Fees 212.00 212.00TOTAL EXPENDITURE 34,832.00 37,397.00

NET OPERATING PROFIT 95,918.00 61,628.00

Distribution to Beneficiaries:

John Citizen 50,000.00 50,000.00DEF Pty Ltd 45,918.00 11,628.00Total distribution 95,918.00 61,628.00

RETAINED PROFITS AT THE END OF THE FINANCIAL YEAR - -

Dealing with the challenges of different types of trust income Providing sample accounting entries for: • Franked dividends • Capital receipts • Capital allowance and building write-off claims Dealing with differences between accounting profits and

taxable incomeNEW ATO guidance on determining trust income Is trust income based on tax or accounting concepts? How does this impact on the preparation of the trust

financials? What is the ‘statutory cap’? What is the impact on the income tax return of the trust?A to Z guide to preparing the financials for tax purposes Should the financials be prepared on a tax basis? What is the relevance of accounting standards?A back to basics guide to dealing with the accounting entries for trusts What journal entries are required for trust distributions? How to distinguish between unpaid trust distributions

and beneficiary loansUsing the financial accounts to prepare a trust tax return What should you look for when provided with the

financial accounts of a trust? Checklist identifying key items in the financial accounts

that are relevant to the preparation of the trust tax return

TRUSTS Basics 2012 – An NTAA Back to Basics Seminar

STEP 1: Dealing with all the major income and expense itemsWe’ll show you how to complete the major business income and expense labels as well as other ‘key’ labels on the trust tax return.

L a b e l H – O t h e r business income – non-primary production

STEP 2: Completing the ‘Distribution Statement’ – Avoid making costly mistakes!We take the guesswork out of completing the essential labels on the distribution statement.

Step-by-step Guide to Preparing the 2012 Trust Tax Return

We work through the taxation of trust income, including: – Is trust income calculated under the Tax Act? – When is a beneficiary assessed on trust income? – Checklist on how to make a beneficiary presently entitled – NTAA practical guide on the operation of trust and net income – How to correctly identify all the components of a trust’s net income Detailed NTAA guide on the why, when and how of making Family Trust Elections and

Interposed Entity Elections Trust losses – What restrictions apply to trusts with losses? – Which losses can be carried forward by a trust? We walk through the process of reconciling accounting net profit to taxable income What types of income and capital can be streamed and how? Distributing franked dividends through trusts – What is the problem if a trust has a tax loss? – How to overcome the ‘45 day holding period rule’ trap Capital gains and trusts – How do capital gains affect calculating net income? – Practical examples of how to deal with trusts with capital gainsTrusts and Personal Services Income (PSI) We look at why the ATO spotlight is on PSI and Part IVA When do the PSI rules apply to trusts? What happens if the PSI rules apply? How is net income of a trust calculated when the PSI rules apply? What if a personal services business (PSB) is run through a trust? Is income splitting amongst family members acceptable for trusts which carry on a PSB?

NTAA step-by-step guide on how to complete the distribution statement on the return

Which assessment calculation codes are to be used for each beneficiary distribution?

A ‘plain English’ guide to making trust distributions – How does the trustee distribute income? – When must the distribution be made and paid? – What declarations/resolutions are needed to distribute

trust income? – Completing new trust return labels, including Labels S & T When must trustee beneficiary statements be completed for

distributions to trust beneficiaries? Dealing with the TFN withholding rules administration and

reporting requirements

Label S – Net income or loss from business

Label M – Repairs and maintenance

Label V – Assessment code

TB Statement Informaton

Label D – Franking Credit

Label F – Net Capital Gain

Label H – Other Assessable Foreign Source Income

Item 30 – Personal Services Income

TRUSTS Basics 2012 – An NTAA Back to Basics Seminar

What’s in? What’s out? Getting the disclosure RIGHT when completing a beneficiary’s tax return for their share of the trust’s net income.

An Essential Guide to Distributions from a Beneficiary’s Perspective!

Distributions to individuals Dealing with a distribution comprising capital gains and

revenue losses – the latest ATO guidelines What is the problem when receiving tax-free

distributions from a unit trust? When does a beneficiary qualify for franking credits

passing through a trust? Crackdown on income splitting for minors Beware distributions comprising franked dividends to

minors!Distributions to minors Who pays tax (and at what rate is tax paid) on

distributions to children? What impact does the low income rebate have?Distributions to non-residents Does withholding tax apply on the distribution? Will the non-resident need to lodge a tax return?Distributions to companies Do distributions to companies create Division 7A

problems? Tax effective strategies to ensure deemed dividends do

not ariseManaged fund distributions What is the tax treatment of managed fund distributions?

Comprehensive Case StudyThe day will conclude with a comprehensive case study, which brings together and highlights the various tax issues associated with trusts, including preparing the trust and beneficiary tax returns. Specific tax issues that will be covered include: Determining and accounting for trust income Calculating the net income of a trust, including how to deal with business income, franked dividends and

capital gains Unique NTAA guidelines on streaming capital gains and dividends to different beneficiaries to save tax Making valid trust distributions: – Journal entries to record the distribution – Sample trust distribution minutes – How to distribute income Completing the trust tax return, including the distribution statement Disclosing each beneficiary’s share of trust net income in their tax return

Comprehensive guide as to who is assessed on trust income and on what amounts?

MJ FAMILY TRUSTABN 12 345 678 910

FINANCIAL REPORTFOR THE YEAR ENDED 30 JUNE 2012

Glossary of Trust TerminologyWe provide a practical and easy to use reference guide, which explains all the common trust terms in plain English. We’ve removed all the technical jargon for you to simply understand the terms associated with trusts.

TRUSTS Basics 2012 REGISTRATION FORM

This document will be a tax invoice for GST when fully completed and you make a payment. National Tax & Accountants’ Association Ltd.

NTAA’s ABN: 76 057 551 854

NTAA Membership No. ___________________________

Firm ____________________________________

Address ____________________________________

State ____________ Postcode __________

Telephone No. ( ) ______________________________

Facsimile No. ( ) _____________________________

Delegate 1 ____________________________________

Email address ___________________________________

Date of attendance _______________________________

Please tick to have a vegetarian meal _______________

Delegate 2 ____________________________________

Email address ___________________________________

Date of attendance _______________________________

Please tick to have a vegetarian meal _______________ (Please print first name and last name)Note: Please photocopy where more than two delegates.No. of seminar attendees ___________

The Book of Rates 2011/12 ____________

Total (incl. GST) $ ___________ Send cheque or provide credit card details

Mastercard Visa Amex

Card No. __________________________________

Expiry Date __________________________________

Name on Card __________________________________

Signature __________________________________Please retain this original document as your tax invoice

Register online www.ntaa.com.au

TRUSTS Basics 2012 Cost and Registration

Registration: Between 8.00am and 9.00amDuration: 9.00am to 5.00pmCost: Includes comprehensive notes, tea and

coffee on arrival, lunch, morning and afternoon tea

Members of the NTAA One delegate

$399 per day (incl. GST)Non-Members* of the NTAA One delegate $499 per day (incl. GST)

(Note(*): Registration includes 3 months full membership)

TRUSTS Basics 2012DATES AND VENUES

Sydney

SMC Conference & Function Centre, 66 Goulburn Street, Sydney

15 November 2012 (Thur) ____________

Parramatta

The Sebel Parramatta, 350 Church Street, Parramatta

12 November 2012 (Mon) ____________

Melbourne

Leonda by the Yarra, 2 Wallen Road, Hawthorn

26 November 2012 (Mon) ____________

Brisbane

Hilton Brisbane, 190 Elizabeth Street, Brisbane

22 November 2012 (Thur) ____________

Perth

Rendezvous Observation City Hotel, The Esplanade, Scarborough

19 November 2012 (Mon) ____________

Canberra

Hyatt Hotel, Commonwealth Avenue, Yarralumla

08 November 2012 (Thur) ____________

If faxing, please complete these two panels, photocopy and fax back to 1300 306 351

If paying by cheque, please complete & mail to 29 Palmerston Crescent, South Melbourne Vic 3205

Register

online at

www.ntaa.com.au

Post to: NTAA

29 Palmerston Cres Sth Melbourne

VIC 3205

Fax credit card

details to: NTAA on

1300 306 351

If you haveany other queries

please call(03) 9209-9999

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