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Trusts: Can you Still Trust the Terms of your Trust?

Published on 11 May 2009 | Took place at Brisbane Marriott Hotel, QLD

Trusts have long been the preferred investment structure given the many benefits they provide to family groups. In fact, based on the Board of Taxation review in 2002 there are approximately 470,000 trust tax returns being lodged annually. Trusts have weathered many storms over the years including the 'entity taxation' debate and the continuing impression that the ATO and Treasury have ongoing concerns regarding their widespread use. It is expected that most practitioners have become comfortable with using trusts and advising clients on the benefits of involving trusts in their family group structures. However, the current state of play in light of a number of recent court decisions, ATO pronouncements and proposed legislative changes is that there exists significant uncertainty as to the operation and use of trusts.

Aimed at all practitioners who advise clients in relation to structuring their affairs using trusts as well as the ongoing use of trusts and the associated tax compliance issues, this event focused on the latest issues affecting trusts, their terms and their operation in a taxation context. The event also explored the taxation consequences of amendments to a trust’s terms.

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Individual sessions

Trusts, taxation and the current state of play

Author(s):  David W MARKS

This paper covers:

  • update of the main changes occurring in the last 12 months
  • Commissioner's view on the definition of ‘income' in light of Cajkusic and Bamford
  • revisit PS LA 2005/1 (GA) - taxation of capital gains of a trust
  • impact of the Raftland decision on prior year losses and the application of section 100A.
Materials from this session:

Amending the trust deed – tricks and traps

Author(s):  Steven GRANT

This paper covers:

  • Commissioner's Statement of Principles
  • changing the definition of income
  • altering the income and capital entitlements of beneficiaries
  • altering or deleting the perpetuity period or term of trust
  • changing or nominating new beneficiaries.
Materials from this session:

Issues with establishing and using trusts

Author(s):  Greg CAHILL

This paper covers:

  • terms of the trust, appointor, trustee, beneficiaries including restrictions
  • interaction with estate planning, consideration of family succession
  • passing control of the trust other than by way of splitting
  • using trusts for asset protection
  • issues with ineffective minutes and invalid appointments.
Materials from this session:

Trust Cloning is dead (or almost): What are the alternatives and issues?

Author(s):  Matthew BURGESS

This paper covers:

  • cloning and stamp duty - potentially still relevant?
  • trust splitting - what is it and what does it achieve
  • trust splitting issues how to do it, what are the tax and duty issues.
Materials from this session:

Trusts Workshop questions & answers

Author(s):  David MARSCHKE This paper contains a number of comprehensive case studies
which are designed to draw out in a practical manner the various issues arising from the other presentations at this event (Trusts: Can You Still Trust the Terms of your Trust).

Materials from this session: