Blog

Trustees need to minute their decisions 29 Nov 2016

Trustees need to minute their decisions

IF you have a family trust, be fussy about recording trustees’ decisions.

One problem that arises is taking money out of the trust for your own use. This can be:

1      a reduction of money owing to you

2      a distribution of some of the trust income

3      a payment out of the capital of the trust

4      reimbursement for trust expenses paid by you

5      a beneficiary loan

It’s important to clarify these withdrawals. This is done by means of a trustee minute.

If there could be any doubt about the reason for a transaction, be sure to prepare a trustee minute and make sure all trustees sign it before it is actioned.

Subscribe to e-news


Proud supporters of:

          

If you'd like to know more about these accounting service packages please contact us or click on the relevant logo.


Contact info

Level 3
CSC House
111 Customhouse Quay
Wellington

T: 04 499 3903
F: 04 499 3913
E: info@pgpaccounting.co.nz