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30 Oct 099 Submission on trust cloning amendments

On 29 September 2009, the Taxation Institute lodged a submission with Treasury in relation to the the exposure draft of the Tax Laws Amendment (2009 Measures No 6) Bill 2009 and the related explanatory memorandum (Exposure Draft Material).  The Exposure Draft Material concerns the abolition of the trust cloning exception and the providing of rollover relief for fixed trusts.

The Taxation Institute has some significant concerns in relation to the Exposure Draft Material, including the use of the term "fixed trusts", the exclusion of discretionary trusts, the requirements regarding constituent documents, the use of the word "same" in connexion with market value, the use of the word "materially" in relation to powers to alter, and mirror choices.

For a copy of the submission, go here.

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