Published on 26 Aug 06
by WESTERN AUSTRALIAN DIVISION, THE TAX INSTITUTE
Trusts continue to be a preferred investment structure, yet we often struggle with the notion of trust law and income tax obligations. This paper reviews recent cases surrounding trust distributions and the practical problems of keeping these effective, including:
- the pitfalls and opportunities of trust distributions
- avoiding ineffective trust distributions - drafting the minutes
- unravelling the Commissioner’s view in PS LA 2005/1 GA on distributing capital gains
- do I need a controlling individual or significant individual?
- the 2006 Budget changes.
Wayne is the Managing Director of PKF Lawler Perth (formerly McGillivrays Fresh Expert Accounting). He is a Chartered Tax Adviser, Chartered Accountant and Certified Practising Accountant and has been with PKF Lawler Perth for over 28 years. Wayne advises business clients in commercial and taxation matters and has provided litigation support to a number of legal firms in Perth. Wayne's clients require business structuring advice both in Australia and overseas. Trust structures, their establishment, use and unravelling, forms a major part of Wayne's professional career. Wayne is a Board member of The Tax Institute's National Council and the current Chairman of the National Education Advisory Board. He is a member of the WA State Council. He has been a Chair person or member of both the WA State Council or Education Committee since the year 2000. Wayne is also a Fellow of both CPA Australia and the Institute of Chartered Accountants of Australia.
- Current at
29 May 2014