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

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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
Gordon Cooper is a chartered accountant in sole practice as a tax consultant. He is an Adjunct Professor in the School of Taxation and Business Law (Incorporating Atax) at the University of New South Wales. He is a frequent speaker at seminars having delivered nearly 500 papers and he is a regular contributor to professional publications. Gordon has a long list of professional involvements including: " He was an inaugural member of the Tax Practitioners Board. " He is a former President of the Taxation Institute of Australia. " He is Chairman of the Committee of the Australian Branch of the International Fiscal Association. " He is the Patron of the Australasian Tax Teachers' Association. In June 2003 he was awarded the AM in the Queen's Birthday Honours for. "Services to the tax profession and to the community as an adviser on national taxation and legislative reform, and through education and professional organisations".
Current at 29 January 2016
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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

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Getting value out of companies – Part 2

Author(s):  David MARSCHKE

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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

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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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