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Victorian Trusts Conference

Published on 28 Nov 2019 | Took place at Fenix Events, Richmond, VIC

By 2022, it is expected that over one million trusts will exist in Australia. The way our tax system regulates the behaviour and activities of those involved in trusts means that trusts and the taxation of trusts are complex. Uncertainty abounds for advisers, as establishing and administrating trusts also raises numerous practical and compliance issues. This event covered the following topics:

  • future of trusts: the RMIT report
  • trust vesting
  • Division 6 sleepers: Sec 99B and 100A: what they were meant to do versus what the ATO uses them for now
  • Div.152 CGT SBC and trusts: dynamite
  • residency and trusts
  • state taxes and trusts.

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Individual sessions

The future of trusts: The RMIT report

Author(s):  Edward HENNEBRY,  Daniel SMEDLEY

This paper covers:

  • the RMIT report - key issues identified 
  • issue 1: income tax shuffling
  • issue 2: complex trust distributions
  • issue 3: non-lodgement and lodgement patterns
  • issue 4: transparency and international obligations
  • the fundamental advantages of discretionary trusts in light of the RMIT report
  • companies as preferred trading vehicles with discretionary trust shareholders - the Division 7A pros and cons
  • trusts as the trading company shareholder - the franking credit issues
  • difficulties with trusts in business and family succession.
Materials from this session:

Trust vesting: What happens?

Author(s):  Michael FLYNN,  Daniel Diaz

This paper covers:

  • what is vesting? 
  • when does a trust vest?
  • what are the consequences of vesting?
  • extending the vesting date
  • the consequences of amending the vesting date.
Materials from this session:

Division 6 sleepers

Author(s):  Terry MURPHY,  Mia Clarebrough,  Moira MERRICK

This presentation covers:

  • a brief overview of Division 6
  • present entitlement and sham
  • Section 100A
  • Section 99B.
Materials from this session:

Residency and trusts

Author(s):  Anthony BRADICA

This presentation covers:

  • trust residency – residence vs source
  • how to determine the residence of a trust?
  • is a trustee an Australian resident?
  • Harding v Commissioner of Taxation [2019]
  • tax ruling TR 2018/5.
Materials from this session:

Victorian state taxes and trusts

Author(s):  James Hamblin,  Rachel O'Donnell

This paper covers:

  • foreign purchaser additional duty and land tax absentee surcharge
  • treatment of trusts for Victorian land tax purposes
  • landholder duty and deemed ownership through discretionary trusts
  • grouping and payroll tax
  • handling the regulators.
Materials from this session: