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Critical Principles of Trust law for Tax Advisers

Published on 22 Jul 2003 | Took place at Leonda by the Yarra, Hawthorn , VIC

A good understanding of the legal principles underlying trusts is essential to understanding and correctly applying the various tax laws to them.

This seminar gave an overview of those elements of trust law that must be taken into account in carrying out various transactions involving trusts, their beneficiaries and related entities.

Individual sessions

Critical Principles of Trust Law for Tax Advisers

Author(s):  Terry MURPHY This seminar paper covers the following topics:
- identifying the trust - what it is and what happens if the deed is lost
- identifying the interests, rights and obligations of the parties
- identifying and dealing with corpus, income and hybrid beneficiaries
- dealing with the trust fund
- dealing with the income - the ramifications of Richardson
- the importance of differentiating tax income and accounting income
- entitlement and present entitlement
- distinguishing vested and defeasible interests
- resettling a trust.

Materials from this session: