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Contemporary cross-border issues with trusts and estates – part 1: tax residency of a trust

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Published on 01 Apr 22 by "THE TAX SPECIALIST" JOURNAL ARTICLE

This is the first of a series of three articles that will focus attention on the following major crossborder tax issues in Australia affecting trusts:

  • determining the tax residency of a trust and planning for a change of residency (part 1);
  • how to approach s 99B of the Income Tax Assessment Act 1936 (Cth) (part 2); and
  • accessing Australian CGT concessions, including the CGT 50% general discount, and understanding the scope of Div 855 of the Income Tax Assessment Act 1997 (Cth) where there are foreign assets or foreign beneficiaries post-Greensill and Martin,2 and TD 2019/D6 (part 3).

Author profile

Jamie O'Donnell CTA
Jim is a Partner of Jackson McDonald Lawyers in the tax and succession arm of their corporate and commercial team. Jim has nearly 25 years professional experience. He advises and represents a wide range of clients including high net worth families and professionals, SME business structures and not for profit entities with respect to trusts, succession planning, deceased estates, SMSFs, property development and transactions, legal structuring and asset protection. He advises on all areas of Federal and State taxation. Jim holds various degrees and qualifications, including a Masters of Taxation, a Bachelor of Laws, a Bachelor of Commerce (Accounting major) and an Advanced Certificate of Public Administration. Jim is a CTA of The Tax Institute. He served on the WA State Council 2015-2018. Jim is also the Vice Chair and immediate past Chair of STEP WA and is the Secretary of STEP Australia. Jim is also currently serving on a working group with the Law Society of Western Australia to set up a specialist accreditation programme for Wills and Estate Practitioners in WA. - Current at 18 August 2021
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