Published on 09 Oct 08
by VICTORIAN DIVISION, THE TAX INSTITUTE
It has been two years since changes to the Bankruptcy Act caused a re-appraisal of asset protection strategies and the harbingers prophesised the end of many basic principles underlying effective asset structuring for clients. Yet, since then, and cases such as Cummins and Richstar, little appears to have changed in fact. This paper considers:
the implications for trust structures arising from the 2006 Bankruptcy Act amendments
an analysis of recent cases where the courts have been prepared to go behind trust and asset protection structures
the fallout from the Cummins and Richstar cases
the implications of the Family Law and Bankruptcy Act Amendments for asset protection strategies.
The Tax Institute is a Recognised Tax Agent Association (RTAA) under the Tax Agent Services Regulations 2009.
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