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Trusts update: What the ATO thinks and why you should care paper

Published on 05 Sep 13 by WESTERN AUSTRALIAN DIVISION, THE TAX INSTITUTE

This paper provides an update on trusts and the ATO’s views. In particular, it examines:

  • making trust distributions effective
  • what happens when beneficiaries disclaim entitlements?
  • “income of the trust” – the debate and guidance
  • streaming – when you can and when you can’t
  • transferring assets to and from trusts – some CGT issues
  • other current issues.

Author profile

Andrew Mills CTA-Life
Photo of author, Andrew MILLS Andrew has overall responsibility for the ATO’s law practice, including law interpretation, dispute resolution and the ATO’s role in policy and law design. Andrew has more than 30 years of experience in taxation, including periods in the ATO, commerce and the tax profession. Andrew was a Director at Greenwoods & Freehills for more than 20 years and managing director of the firm from 2006–11. Andrew was President of The Tax Institute in 2006–07, is a former Governor of the Taxation Research Foundation and also represented industry bodies across a number of sectors. He holds a Bachelor of Business, a Master of Laws and a Graduate Diploma in Tax Law. Andrew is a Chartered Taxation Adviser (Life) of The Tax Institute, a member of the International Fiscal Association and a graduate of the Australian Institute of Company Directors. - Current at 23 May 2017
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This was presented at 46th Western Australian State Convention .

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