Business Structures Part 5: Family trust elections

Published on 10 Jul 2020 | Took place at Online, WA

The trust loss provisions contained in Schedule 2F of the 1936 Tax Act as they relate to family trust elections are extremely complex and there are harsh consequences for entities and their directors in making distributions outside the family group. This part looked at:

• when may a family trust election (FTE) or an interposed entity election (IEE) need to be made?
• what are distributions?
• who is part of the ‘family group’?
• who is liable to pay family trust distribution Tax?
• varying test individuals and revoking FTEs and IEEs
• passing control of trusts on death and dealing with FTE issues.