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Trusts: practical solutions for real-life problems
Published on 01 Feb 16 by "TAXATION IN AUSTRALIA" JOURNAL ARTICLE
The Commissioner of Taxation can and does challenge the legal effectiveness of transactions that taxpayers undertake even before engaging with specific tax issues arising from trust dealings. It is crucial for trustees and their professional advisers to read and understand the trust deed. This may prove difficult where one is dealing with a deed written in archaic and highly complicated legal language, possibly requiring the intervention of the court, or where the whereabouts of the trust deed itself are unknown. This article provides an account of trust law, with an emphasis on the taxation of trusts and beneficiaries, and includes reference to relevant cases and ATO materials.
The article considers appointment and removal of trustees, trust creditors, insolvent trusts, the consequences of unpaid present entitlements, de facto trustees, reimbursement agreements, vesting and what happens when the trust deed cannot be found.
Author profile
Damian O'Connor CTA
Damian is the Managing Principal of the specialist taxation firm Tax + Law. He has more than 40 years experience in tax and commercial and family legal issues in Brisbane and Melbourne. His experience includes 23 years with the Australian Taxation Office and as a tax partner of a national law firm. He is a regular presenter for The Tax Institute, professional development providers, professional associations and universities. - Current at 12 April 2017
The Tax Institute is Australia's leading professional association and educator in tax providing the best resources, professional development and networks.