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Misplacing your 'Trust'

Published on 28 Aug 2007 | Took place at Sebel Playford Hotel, Adelaide, SA

The tax advisor must be aware of many issues concerning trusts. This seminar dealt with two inter-related aspects dealing with trust assets. The first aspect concerns trusts which fail to protect the assets. The second aspect concerns the tax issues of disposals of assets or transfers of assets out of trusts.

One of the major uses of inter vivos and testamentary discretionary trusts is asset protection (from creditors and ex-spouses). Therefore it is important for both accountants and lawyers setting up trusts and advising clients to understand where assets of the trust are at risk in family law disputes and in bankruptcy.

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Individual sessions

Tax effective transferring of assets out of discretionary trusts

Author(s):  Marc ROMALDI

This paper includes:

  • what is the process and how does it differ if voluntary or forced by a Court order
  • property transfers in satisfaction of beneficiary entitlements
  • property transfers for extinguishment of an interest
  • the E Events for discretionary trusts
  • asset revaluations (including 109XA issues)
  • CGT small business concessions
  • case studies illustrating tax effective transfers.
Materials from this session:

Tax effective transferring of assets out of fixed trusts

Author(s):  Andrew SINCLAIR

This presentation includes:

  • what is the process and how does it differ if voluntary or forced by a Court order
  • E4 issues - what is the problem and how can it be avoided
  • in specie distributions and the E Events
  • case studies illustrating tax effective transfers.
Materials from this session:

The Court as a trust buster - where assets of a discretionary trust are at risk

Author(s):  Arlene MACDONALD

This paper includes:

  • an analysis using decided cases to show how the Family Court 'busts' trusts
  • challenges under the old and new provisions Bankruptcy Act
  • tax and stamp duty consequences of Court trust busting
  • DIY trust busting (ie getting it so wrong, the assets aren’t protected)
  • hints to maximise asset protection.
Materials from this session: