This article is more than 24 months old and is now archived. This article has not been updated to reflect any changes to the law.
The trustee's minute serves as a record of a trustee's resolution or decision made under a trust deed.
One key issue faced by trustees and accountants is how to make the resolutions correctly and prepare minutes to both properly reflect and give effect to the decisions.
Cassandra Townsend, Thomson ReutersTrustees of discretionary trusts can make decisions:
- where there are individual trustees — at meetings;
- where there is a corporate trustee with more than 1 director — at meetings of directors, or by all of the directors signing a set of resolutions; or
- where there is a corporate trustee with 1 director — by the sole director signing a set of resolutions.
To assist with a trustee's proper record keeping, Cleardocs is developing a range of meeting minutes and resolutions for administration of a discretionary (family) trust. These cover:
- establishment of the trust;
- opening a bank account for the trust;
- distribution of trust income;
- amendment of the trust deed;
- appointment of a trustee in place of a retiring trustee;
- appointment of an appointor; and
- winding up of trust.
Keep an eye on our site in coming weeks…
More Cleardocs information on related topics
You can read earlier ClearLaw articles on a range of trust topics.
Order Cleardocs trust packages
- Discretionary (Family) Trust
- Change of Trustee Discretionary Trust
- Unit Trust - fixed
- Unit Trust - non-fixed
- Change of Trustee Unit Trust
- Hybrid Trust
- Service Agreement
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Senior Associate
+61 3 9258 3819
jack.coventry@maddocks.com.au
Qualifications: BA (Philosophy), Monash University, JD (Juris Doctor), University of Melbourne
Jack is a member of Maddocks Commercial team. He advises a range of corporate and private clients on:
- M&A transactions,
- corporate reorganisations, and
- legal and tax structuring.
Jack acts for clients on both buy-side and sell-side and specialises in founder-owned businesses and Australian subsidiaries of multi-national companies. He works across a number of sectors including information technology, professional services, and property development and management including land lease.
Jack's structuring work includes assisting multinationals to structure Australian operations, listed companies to achieve regulatory compliance / optimisation and providing general tax structuring. He has also represented clients in tax controversies including before the General Anti-Avoidance Review Panel (GAAR Panel) and the Federal Court of Australia.
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