Do you have your business held in Family Trust or Discretionary Trust?
The ATO and most trust deeds, require a resolution distributing the income from the trust to its various beneficiaries to be made.
If the resolutions are not passed, they cannot be made and back-dated. That amounts to fraud.
Some deed have a default clause distributing the income equally between the primary beneficiaries. These may be children. If so, they will pay tax at the top marginal rates. It might otherwise be quite inconvenient for the income to be shared equally between the primary beneficiaries.
Some have no default provisions, so the trust retains the income, and gets taxed at the top marginal rate.
So, you can see why it is important to make the resolution on time. For help with the requirements of your trust deeds, see Michael Paterson & Associates a