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The trust has served its purpose - Now let’s get the money out paper

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Published on 28 Aug 09 by NATIONAL DIVISION, THE TAX INSTITUTE

During their lifetime trusts are exceptionally flexible structures with distinct tax and wealth protection advantages. As they reach the end of their useful life, extracting the value they harbour can be tricky. This paper considers some of the practical difficulties likely to be encountered along the way and on vesting.

Covered are effective distributions:

  • unit trusts: What constitutes a non-assessable distribution? Timing advantages under an E4;
  • planning ahead to fully utilise the small business CGT concessions;
  • do hybrid trusts present particular winding up problems?;
  • the trustee calls it "income" but the ATO calls it "capital". Does name-calling make a difference?;
  • capital distributions and the legitimacy of following the Practice Statement LA 2005/1; and
  • the impact of the Board of Taxation's Review of MITs.

Author profile

Kenneth Schurgott CTA-Life
Ken is a Solicitor and Director of Schurgott & Co Lawyers specialising in taxation matters (including State Taxes, stamp duty, payroll tax and land tax) and with extensive experience in business structuring, business sales and acquisitions, asset protection, succession planning and trust and estate law. Ken is very experienced in tax dispute matters, negotiations for settlements, mediations and conciliations and litigation. He regularly appears before the AAT and NCAT and instructs counsel in matters before the Courts. Ken was National President of the Institute in 2012. - Current at 06 July 2022
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This was presented at 17th National Tax Intensive Retreat: Extracting Value .

Get a 20% discount when you buy all the items from this event.

Individual sessions

Recent developments relating to discretionary trusts - getting money out of trusts against the wishes of the trustee & appointor

Author(s):  Lisa HESPE

Materials from this session:

Getting value out of companies - Part 1

Author(s):  Paul HOCKRIDGE

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Getting value out of companies – Part 2

Author(s):  David MARSCHKE

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Voluntary liquidation – Getting the money & assets out of a company

Author(s):  Michael BUTLER

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Offshore wealth - Accessing money overseas

Author(s):  Chris WOOKEY

Materials from this session:

The trust has served its purpose - Now let’s get the money out

Author(s):  Ken SCHURGOTT

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The trust has served its purpose: Now what can we do with it?

Author(s):  Grahame Young

Materials from this session:

Further details about this event:

 

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