Hi there.ย I'd like some advice please.ย I am in my final year of my Trust Deed, having just had my last annual review in May.ย The last payment of the TD is due to be taken in May 2024, so I don't expect to have another annual review.
For the past couple of years, I have received an annual bonus from my employer, and I have spoken with the Trust Deed people each year and arranged to send a significant percentage of this bonus over to the TD.ย This tends to be paid in March of each year.
My question is, if I get paid a bonus in 2024 (and it is an "if", as it is not guaranteed), and I do not declare it to the TD people, are they likely to check?ย Is there a chance that I may be able to keep my full bonus in March, and that they will not ask about it before the TD ends in May?ย ย
I'd like to be able to keep the full amount of any bonus I get, but I'm a little concerned about the risk and want to understand it more.
Thanks
Eddie.
Hi Eddie, thanks for posting.
As you probably suspect, you have a legal obligation to make your Trustee aware of any windfall that comes within 4 years of your Trust Deed being signed.ย This would include your bonus.
Given that you have had regular bonuses previously I think it is highly likely that they will check for another next year.ย In any case, most Trustees will do another review at the end of the 4th year as a matter of course, just in case there is anything like this that has not been declared.