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Judged by your deeds
Published on 01 Sep 17 by "TAXATION IN AUSTRALIA" JOURNAL ARTICLE
The central document which constitutes a trust is the trust deed. This article considers the trust deed, the essential machinery that needs to be considered by advisers in addressing commercial and tax law issues associated with trust structures. The article reviews some challenging but relatively typical issues that the author has addressed in advising on trust structures, including recent developments. The article begins with a discussion of trust law issues, including the power of amendment, trustee powers, trustee indemnity, and the rule against perpetuities. The article then considers essential and desirable provisions in the discretionary trust, including provisions for income and capital distributions and distributions of unrealised gains. Typical provisions in a unit trust deed are then considered. Governance issues for discretionary trusts are discussed. Capital distributions and unit redemptions from unit trusts are considered. The article concludes with discussion of some significant distribution issues.
Author profile
Peter Slegers CTA
Peter Slegers, CTA, heads Cowell Clarke’s Tax & Revenue, Superannuation and Private Client practice groups. Peter advises and acts for a wide range of public and private companies and high net worth individuals and families. Peter’s areas of expertise include income tax (as it impacts on business and high net worth clients), capital gains tax, goods and services tax, state taxes, trust law and superannuation law. Peter has published numerous papers on trust structures and has considerable experience in this area. Peter is also a co-author of the Tax Institute’s SMSF Income Stream Guide and Cowell Clarke’s Australian Agribusiness Advisers’ Guide.
- Current at
16 April 2024
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