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Trusts - The final frontier 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 10 Jul 08 by VICTORIAN DIVISION, THE TAX INSTITUTE

This paper covers:

  • Tax treatments of trusts
    • practical treatment - trustee or trust registered for TFN, ABN etc
    • flow through of tax attributes
    • treatment of losses / imputation credits
  • Issues to consider when reviewing family trust deed
    • powers of trustee
    • "net income" definition
    • streaming provisions
    • distribution of corpus
    • role of appointor
    • classifying beneficiaries - what is the range of potential beneficiaries?
  • Current tax issues involving trusts
    • application of Division 7A
    • trust loss rules - need to elect to be a family trust / nomination of test person/family trust distribution tax
    • CGT on disposal of assets, including small business concessions and distribution requirements to satisfy small business CGT conditions
    • "grouping" requirements under small business CGT net asset value test
    • succession planning issues
    • proportionate v quantum approach
    • resettlement of trusts
    • in specie distributions - stamp duty exemption
    • separation of capital and income entitlements under hybrid trusts.

Author profile

Eugene Berkovic
Eugene of GMK Partners heads the taxation division. His knowledge of tax legislation makes him a recognised authority within the profession and essential advisor to many of the firm’s clients. His areas of expertise include mergers and acquisitions, restructuring and other high level transactions. - Current at 01 July 2014
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Trusts - The final frontier

Author(s):  Eugene BERKOVIC

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