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

Member Price: $57.00

Non Member Price: $75.00

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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Recent developments relating to discretionary trusts - getting money out of trusts against the wishes of the trustee & appointor
Author(s):  Lisa HESPE


Getting value out of companies - Part 1
Author(s):  Paul HOCKRIDGE


Getting value out of companies – Part 2
Author(s):  David MARSCHKE


Voluntary liquidation – Getting the money & assets out of a company
Author(s):  Michael BUTLER


Offshore wealth - Accessing money overseas
Author(s):  Chris WOOKEY


The trust has served its purpose - Now let’s get the money out
Author(s):  Ken SCHURGOTT


The trust has served its purpose: Now what can we do with it?
Author(s):  Grahame YOUNG


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