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Service trusts paper

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DisclaimerThis material is copyright. Apart from any fair dealing for the purposes of private study, research, criticism or review, as permitted under the Copyright Act, no part may be reproduced by any process without written permission from The Tax Institute.
Unless expressly stated, opinions are not that of The Tax Institute, which accepts no responsibility for the accuracy of any of the information contained within it.

Published on 14 Sep 05 by VICTORIAN DIVISION, THE TAX INSTITUTE

Topics covered in this paper include:

  • what is a Phillips type service trust?
  • what the Commissioner said about Phillips type service arrangements prior to the draft ruling
  • how does the draft ruling and guidance document impact upon Phillips type service trusts?
  • what the guidance document says about the key characteristics of an allowable service trust?
  • what characteristics should be avoided in a service trust?
  • are there any safe harbours?
  • is it necessary to undertake transfer pricing review to determine service fees?
  • how important is documentation?
  • retrospective impact of the draft ruling
  • planning approach - what needs to be done NOW!

Author profile

Peter Murray CTA-Life
Photo of author, Peter MURRAY Peter is the leader of the firm’s Tax Division. Peter was previously a Senior Tax Partner at KPMG, with 30 years’ service. Peter specialises in tax issues impacting listed and privately owned corporate groups and managing tax disputes. His specific areas of specialisation include corporate group reorganisations, mergers and acquisition, including domestic, inbound and outbound investment, thin captalisation and debt/equity, capital/revenue characterisation, tax consolidation, repatriation of profits, trusts, application of the general anti-avoidance rules (GAAR), and tax risk management and dispute resolution. More recently Peter has been advising on the tax implications of investing in cryptocurrencies and initial coin offerings. Peter has been listed in The Best Lawyers in Australia in tax law every year since 2013. He is also a recommended tax lawyer in Australia and a leading tax lawyer in Victoria in Doyle's Guide to the Legal Profession. He is a Life Member (CTA) of The Tax Institute, Fellow of the Institute of Chartered Accountants in Australia and New Zealand and Member of the Australian Institute of Company Directors. Peter is currently a member of the ATO General Anti Avoidance Rule (GAAR) Panel and a past President of The Tax Institute. (Kathy updated for Tax and Innovation Day) - Current at 24 August 2018
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Service Trusts

Author(s):  Peter MURRAY

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