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The ATO has published a factsheet concerning "trust cloning", in which it makes reference to Taxation Ruling TR 2006/4, which deals with the CGT exception that applies when an asset is transferred between two trusts that have the same beneficiaries and terms. Since issuing the Ruling, the ATO has become aware of further examples where trusts, particularly discretionary trusts, may not be ‘the same’ and therefore assets transferred between the trusts will trigger a CGT event.

For more information and a copy of the factsheet, go here

For a copy of TR 2006/4, go here

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