The trust has served its purpose - Now let’s get the money out paper

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Publication date: 28 Aug 09

Source: NATIONAL DIVISION, THE TAX INSTITUTE

Abstract:

During their lifetime trusts are exceptionally flexible structures with distinct tax and wealth protection advantages. As they reach the end of their useful life, extracting the value they harbour can be tricky. This paper considers some of the practical difficulties likely to be encountered along the way and on vesting.

Covered are effective distributions:

  • unit trusts: What constitutes a non-assessable distribution? Timing advantages under an E4;
  • planning ahead to fully utilise the small business CGT concessions;
  • do hybrid trusts present particular winding up problems?;
  • the trustee calls it "income" but the ATO calls it "capital". Does name-calling make a difference?;
  • capital distributions and the legitimacy of following the Practice Statement LA 2005/1; and
  • the impact of the Board of Taxation's Review of MITs.

Author profile:

Author Photo - Kenneth Schurgott CTA-Life
Kenneth Schurgott CTA-Life
Ken is a Tax and Commercial Law Director of Schurgott & Co Lawyers and Special Counsel with Brown Wright Stein Lawyers, Sydney. He has extensive experience in all aspects of tax (including State taxes and litigation), as well as business structuring, business sales and acquisitions, asset protection, succession planning and trust and estate law. Ken has been, until recently, a member of the Advisory Panel to the Board of Taxation and heavily engaged in on-going consultation in relation to the reform of the taxation of trusts and trust issues generally. He is a former President of The Tax Institute, Chairman of the International Relationships Committee of the Institute, a member of OATCA technical committee and Chairman of the policy committee of STEP Australia.
Current at 04 May 2015
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This was presented at 17th National Tax Intensive Retreat: Extracting Value.

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Individual sessions

Recent developments relating to discretionary trusts - getting money out of trusts against the wishes of the trustee & appointor

Author(s):  Lisa HESPE

Materials from this session:


Getting value out of companies - Part 1

Author(s):  Paul HOCKRIDGE

Materials from this session:


Getting value out of companies – Part 2

Author(s):  David MARSCHKE

Materials from this session:


Voluntary liquidation – Getting the money & assets out of a company

Author(s):  Michael BUTLER

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Offshore wealth - Accessing money overseas

Author(s):  Chris WOOKEY

Materials from this session:


The trust has served its purpose - Now let’s get the money out

Author(s):  Ken SCHURGOTT

Materials from this session:


The trust has served its purpose: Now what can we do with it?

Author(s):  Grahame YOUNG

Materials from this session:


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